Feb 4 2011
New Jersey-based solar power deployment company, Arosa Solar, has declared a new solar power project at Bais Rivkah Rochel, a private school in Lakewood. The company will install a 300-kW solar power system at the religious all girls elementary school.
Arosa Energy assisted the school to become eligible for a 0% interest loan to bear a part of the deployment cost of the solar system. New Jersey Economic Development Authority (NJ EDA) is funding the project through its Clean Energy Solutions Capital Investment (CESCI) Loan Program that is designed to highlight in-state traditional and renewable energy production and generating fresh jobs.
Owner of Arosa Solar, Shimmy Tessler, said that the solar power project would save about 5,000 barrels of oil and more than $55,000 per year to the New Jersey school. Nationwide, New Jersey is at the second place in the solar power market and California is the top solar power market. Last year, Arosa Solar deployed a solar power system at Bnos Bais Yaakov high school.
The payback period for most of the systems is four years or less and then becomes a source of income. Thus, companies gain credits of Solar Renewable Energy Certificates (SRECs or Green Tags) for generating solar power along with saving money. The utility companies in the states should purchase the credits.