Massachusetts Colleges Score Grants for Solar Energy Projects

April 03, 2007

Three Massachusetts state colleges have been awarded Clean Renewable Energy Bonds (CREBs) by the U.S. Internal Revenue Service for installing photovoltaic (PV) systems that will generate a total of 240 kilowatts (kW).

The awardees are Salem State College, for a 68-kW installation; Springfield Technical Community College, for an 82-kw installation; and Mount Wachusett Community College, for a 100-kW installation.

Acting essentially as a no-interest loan, the CREBs are made available through the U.S Energy Policy Act of 2005. CREBs were created so that public institutions may utilize tax credits for clean energy. The bonds can be paid back from savings on energy bills — savings that are created by using solar rather than conventional electricity.

For more information on CREBS, see the April 2 IRS Bulletin 2007-14.

Source: March 28 article in Renewable Energy Access.

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