NEW YORK, March 1, 2018 /PRNewswire/ — The Noya Fields Family Funds (www.noyafieldsfamily.org) set to establish a new program that aims to provide down payment grants for renewable energy installations at schools and other educational and not for profit institutions. The grants will be provided to organizations working in tandem with green energy lenders and financial institutions so as to cover the full equity contribution for the loan.
“For the most part educational and cultural institutions typically do not benefit from the available federal tax incentives for renewable energy. What we are looking to do is to replace the lost incentive with a direct grant to help finance commercial scale renewable energy installations that might not otherwise be a priority given an organizations budget constraints. Our schools and educational institutions are those who can benefit most from the cost savings afforded by solar and wind, but the least able to leverage government incentives, they also tend to have the physical space available for commercial scale installations, especially in suburban and rural communities,” said Co-Founder Ken Fields. “Our ultimate goal is to create a sustainable blueprint that can be replicated by any school or institution working with any green bank, PACE program or other financial provider.”
Currently, Noya Fields Family Funds has two pilot programs in process, one in Connecticut and one South Florida, both of which are still in the application and design phase and expect to break ground in the summer of 2018. In the coming months the organization has expressed interest in setting up a stand alone 501 (C) 3 to support further development and expansion of the program.