Tioga Energy, a supplier of clean renewable energy to government, commercial and not-for-profit organizations, declared that it has firmed-up accords with a number of government agencies located in Union County, New Jersey for the installation and development of 3.4 MW worth solar power systems.
The power purchase agreements (PPA) contracted by Tioga Energy with the county agencies will allow the company to own and manage the solar projects. The power generated from the installations will be traded to the County at pre-fixed rates for a period of more than 15 years. The agreement is expected to cut down the power costs by 50% during the period.
To provide funding for the installations, Union County Improvement Authority and the Tioga Energy have introduced a financial arrangement that will use a mix of measures such as issuance of municipal bonds with low level of interest, revenue from the trading of solar renewable energy certificates (SRECs) and government tax incentives to bring down the price of electric power supplied to the County through the PPAs.
Tioga Energy is planning to place around 44 solar power systems at various sites owned by the county such as its four libraries, three firehouses and schools in seven districts. The solar installations will be executed by Tioga’s installation associate, which is a partnership between Huen Electric and Pro-Tech Energy Solutions. The installations are anticipated to be finished around April 2012.