HARRISONBURG, Va. – Park View FCU said it is offering what it believes is the nation’s first CD backed by solar energy loans.
The credit union’s Solar Certificate of Deposit will be backed by a $110,000 loan at Eastern Mennonite University to build a solar energy project. The loan is going to Community Solar LLC, a subsidiary of Secure Futures that operates the array of 328 photovoltaic panels hosted at EMU, the largest solar energy system in the state of Virginia.
“This loan represents, we believe, a first of a kind as a commercial loan for a solar power project backed by individuals through share secured deposits, earning above market-rate on a five-year solar CD,” said Dr. Anthony Smith, CEO of Secure Futures, which designs, develops and co-finances distributed solar solutions with and for tax-exempt entities.
Deposits from the Solar CDs will allow Park View to offer financing at a preferred rate to Community Solar, lowering the overall cost of the EMU solar energy project.
