Solar Panel Application Deadline is July 16
Sunday, July 16, is the deadline for church members to submit an application to become an investor in our solar panel project. The church has signed a contract with Elemental Energy to install solar panels on the roofs of the Buchan and Eliot classroom buildings and Community for Earth is seeking church members who would like to invest in the project.
Because the church is a non-profit organization that cannot take advantage of the tax credits offered for renewable energy projects, we are adopting an innovative approach. The solar panels will be financed through the Oregon Clean Power Cooperative (OCPC). The church plans to borrow $31,000 from OCPC, which will collect this sum from members of the cooperative, who will each invest $1,000. The church will repay the loan from OCPC over twelve years through savings on our utility bills. Barring unexpected events, OCPC will repay individual investors at the end of twelve years plus annual 2% dividends.
Investors must become members of the Oregon Clean Power Cooperative (OCPC) and then buy shares of preferred stock in the project. Eligible investors must be Oregon residents, members of Solar Oregon ($25 fee), and members of OCPC ($50 lifetime membership). Investors are asked to buy at least one share of stock at $1,000/share. Under the plan, OCPC will repay the investors the principal at the end of 12 years, plus dividends of 2 percent annually. Click here to read the details enumerated in the Offering Memorandum under current projects on the OCPC website.
Should more than thirty-one members of First Unitarian want to invest in the project, the winners will be selected by lottery. The selection will be made from those who have completed the following steps by July 16, 2017. Should fewer than thirty-one people from our church wish to invest, those who do will be invited to purchase more shares or the investment opportunity will be opened to other OCPC members.
If you are interested, apply by July 16 and:
a) Read the Offering Memorandum (link above). Be sure that you are an eligible investor and that you understand the risks involved. b) Send email to 1stUSolar@gmail.com with your name, address and phone number and the following statement, “I have read the Offering Memorandum for the First Unitarian Church project, I understand the risks in this investment, and I am an eligible investor. I would like to become a member of OCPC and buy one share of stock at $1,000.”
If you want further information, come to the Community for Earth table in Fuller Hall after services on July 2, 9 or 16, visit Community for Earth’s web site at commit2respondpdx.org, or you may call Linda Craig, 971-285-1505.