Up to 1.5 million nonprofits in United States, such as homeless shelters, community centers, and schools, provide critical services to countless Americans yet face significant barriers to getting their own solar installations financed. Currently, nonprofits cannot receive solar tax credits, have a hard time demonstrating credit worthiness, and their project size tends to be small (>30 kW), which deters traditional solar financiers.
RE-volv removes the barriers by providing a solar lease to small nonprofit solar projects (30 kW or less) through a unique approach that utilizes crowdfunded dollars. Nonprofits are then able to reduce their CO2 emissions and save money on electricity costs, thereby expanding their community services. Re-Volv also makes it a priority to train, connect, and mobilize passionate individuals in the community to lead meaningful action on climate change through these solar installations.
Over the next 12 months, in partnership with the Department of Energy Solar In Your Community Challenge, RE-volv will train college students (Solar Ambassadors) and volunteer citizens (Solar Champions) to spearhead solar energy installations for at least five community-serving nonprofits around the country (~50 kilowatts of installed capacity). During this time, RE-volv also plans to partner with key nonprofits, companies, and foundations to develop a pipeline of future solar projects that can be financed with Re-Volv’s revolving fund, the payback vehicle established for its loans.
LDF will support RE-volv’s activities for the next year. This will include match-funding of crowd funded commitments for 5 new community solar installations across the United States.