1st Source Finances Warsaw Community Schools Solar Energy Project
1st Source Bank announces partnership with Warsaw Community Schools (WCS) to "go green" by providing a $9.3 million solar energy equipment loan. This loan will finance solar energy at six schools in the Warsaw community. While helping the environment, the WCS are taking advantage of significant energy cost savings over a 20-year contract with Shambaugh & Son, L.P, an Indiana qualified energy provider. Many school districts across Indiana are implementing solar energy to take advantage of the state’s net metering laws, and 1st Source Bank is here to support our communities in these projects.
Brandon Penrod, CFO of WCS states, "We chose to use solar power at school buildings for multiple reasons. While it certainly saves money, it lowers the carbon footprint of our district and it provides instructional resources to our classroom teachers, particularly in the STEM areas. These new instructional resources include hardware and software capable of showing such data as instant and historical energy generation and instant and historical energy consumption, as well as carbon footprint offset."
1st Source Bank entered the solar financing field to serve commercial solar developers with one-stop-shop financing. The Bank provides tax equity investment into solar projects as well as construction and permanent loan financing. Christopher J. Murphy III, Chairman and CEO, explains, "At 1st Source, we believe in helping customers, of all sizes, realize their dreams and we are committed to being in leadership of the communities we serve helping them become better places to raise families, build businesses, and lead enriched lives.
Sustainable energy sources, cleaner and healthier environments, and better educational resources for children can help ensure vibrant futures for these communities."
Brandon Penrod concurred, "Our decision to partner financially with 1st Source was not only because their priorities align with the priorities of Warsaw Community Schools (WCS), but because of their longstanding tradition of excellence and commitment to the betterment of the local community. WCS and 1st Source Bank are excited to expand solar power within our community and look forward to the numerous benefits its use can bring to our schools."
Since late 2016, 1st Source Bank has financed projects with experienced solar developers and other industry partners in many states in the rapidly growing U.S. solar sector—an industry with an average annual growth of 68% over the last 10 years, according to the Solar Energy Industry Association (SEIA). For more than a year, the bank has financed multiple solar projects in states such as Indiana, Michigan, Massachusetts, Montana, and Minnesota.