NGE Funds First Commercial Solar Energy Project in Allston, MA
New Generation Energy (NGE) today announced that it has provided funding for a 3.8 KW rooftop solar PV (photovoltaic) array at the headquarters of Boston Green Building, Inc, located in Allston, MA. This project is the first commercial solar installation in the Boston neighborhood of Allston, MA, and only the third solar installation in this community overall.
The funds to support this project came from NGE's Renewable Energy Investment Note (REIN) program, and were provided to BGB in the form of a low-interest loan from NGE's Community Lending Program (CLP). The Community Lending Program supports community-scale green energy projects that have a high level of economic, environmental, and neighborhood enhancement benefits.
NGE's funding consisted of $21,000, used to install twenty Evergreen solar panels and associated hardware on the roof of BGB's facility on Lincoln Street in Allston, MA. The 3.8kW system offsets approximately 62 metric tons of CO2 over the life of the system, and provides 90% of the company's on-site energy use. In addition, the panels are visible from the Mass. Turnpike, raising the awareness and visibility of renewable energy in the Allston area.
Spotlight on Boston Green Building
Boston Green Building (BGB) is a premier green building contractor in the metro Boston area, specializing in sustainable contracting, green design and historic preservation. By installing a solar PV system, BGB is making a strong statement about its commitment to green practices and sustainability. By accessing the affordable funds provided by NGE, the project reduces BGB’s energy costs and improves BGB’s business by attracting new customers.
As an organization that specializes in funding green energy projects, NGE was familiar with the economics and technology of BGB's project. As a result, NGE was able to extend a loan on favorable terms, and worked closely with BGB throughout the project to help maximize its effectiveness and impact.
Spotlight on Allston, MA
Being located in Allston is a benefit to BGB because of its central location, and excellent access to area throughways. This working class neighborhood of Boston is not necessarily on the top of people's list of 'green communities' however. Ironically, this factor made NGE's decision to fund BGB and its project easier, rather than harder.
"Without New Generation Energy this project would not have been possible. They are one of the few groups funding solar PV at this scale. We are grateful for their support."
-Brian Butler, Founder & Owner
Boston Green Building
NGE's Community Lending Program uses a unique 21 point funding qualification process that measures factors such as environmental impact, economics, and green-house gas reduction. In addition however, NGE also measures factors such as 'green visibility' to determine where its funding will create the biggest impact. Projects that have high visibility, enhance the mission of the hosting organization, or are coupled to education programs, are more likely to have positive ripple effects in the community. NGE's Community Lending Program integrates these factors, along with more traditional measures, to determine whether to fund a project.
Executive Director Chuck Lewin comments, "This project has the potential to increase the green profile of Allston and the entire metro Boston area. At the core though, it provides tremendous economic benefits to Boston Green Building. We are delighted that were able to provide the funding for this outstanding project. "
For more information on the Community Lending Program, click here
For more information on the Renewable Energy Investment Note (REIN) program, click here