The second round of the SunForAll Solar Fund has awarded funding to five San Diego Nonprofit organizations for a combined $4,132,640 of solar projects. This amount added to our first round of SunForAll fund recipients adds to a total of $5,694,394 of solar funding!
SunForAll is a unique solar financing program for nonprofits created by CollectiveSun with lead investor BQuest Foundation, and other impact investors. SunForAll makes going solar easy and affordable with an innovative investment structure consisting of a Program Related Investment (PRI) that includes a grant plus low-interest loan to fund 100% of the up-front costs of nonprofit solar installations. With solar power, nonprofits can significantly lower operating costs and lock in energy savings for 25+ years.
How Does It Work?
The SunForAll program combines 3 components that add up to fund 100% of the solar installation cost:
- A 18% philanthropic donation,
- A 12% tax-like credit benefit for nonprofits,
- A 70% loan with 1.9%, 10 year terms.