Boston Green Building receives low-interest loan for solar installation

July 10, 2009 -- New Generation Energy (NGE) provided a low-interest loan for a 3.8 KW rooftop solar PV (photo voltaic) array at the headquarters of Boston Green Building, Inc.  in Allston, Mass. This project is the first commercial solar installation in this Boston neighborhood, and only the third solar installation in the community overall. The funds to support this project came from NGE's Renewable Energy Investment Notes (REINs).

NGE provided a loan for $21,000, to be paid back over 4 years, at a 3 percent interest rate. REIN funds provided the $21,000, while donated funds were used to lower the interest rate from 5 to 3 percent.

NGE's funding was used to install 20 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 percent of the company's on-site energy use. In addition, the panels are visible from the Massachusetts Turnpike, raising the awareness and visibility of renewable energy in the Allston area.