Last year was a breakout year for the solar-power industry, as businesses large and small around Virginia began to realize not only the sustainability aspects of installing a solar power system but also the real potential for financial returns through energy savings – and taxes. Indeed, owners of a solar electricity system can utilize the 30% federal tax credit and use accelerated depreciation to maximize their returns. In recent years, Virginia Community Capital and the banking subsidiary, VCC Bank, has invested in several solar projects, including flexible loans to businesses, utility-scale projects, and solar projects with power purchase agreements. To date, they have closed more than $9 million in clean energy loans.
The largest project of 2017 was backing a $2.3 million loan to E2C Solar to support a solar array on the campus of the Carilion New River Valley Medical Center. This ground-mounted solar project includes approximately 4,000 panels that will be used to generate clean energy and supply 17 percent of the hospital’s annual electrical requirements, resulting in a projected savings of $1.5 million in energy costs over the next 20 years. Click here to learn more about the project or for more information on clean energy lending contact: Bill Greenleaf, Loan Officer at Bgreenleaf@vccva.org.