George Cornelius, the Secretary of Department of Community and Economic Development (DCED), commented that the commonwealth, in an effort to highlight its commitment to solar energy, has made investments of over $7 million in six novel projects.
The Commonwealth Financing Authority has given approval for grants for six projects located in Schuylkill, Northampton and Lancaster counties by means of the Solar Energy Program. The projects will leverage private investments of over $55 million.
The solar projects having 12.5 MW capacity will produce a minimum of 14,000 MWh of electricity per year, which is sufficient to power around 1,500 homes in Pennsylvania. Apart from producing 14,000 solar renewable energy credits annually, the systems are likely to save owners $777,000 in yearly electric generation over the course of the next two decades.
The Commonwealth Financing Authority manages the economic stimulus programs of Pennsylvania including parts of the Alternative Energy Investment Fund valued at $650 million.