NT Solar facilitated an investment in the $5.6 million solar investment tax credits (ITCs) generated by Lodestar Energy LLC’s development of a solar photovoltaic (PV) installation built on a parking canopy with a 2 Megawatt (MW) battery storage system located in Lancaster, Massachusetts. Lodestar is an established northeast developer with more than 100 Megawatts (MW) in completed installations. The installation will sell power under the Massachusetts “Solar Massachusetts Renewable Target” or SMART program to the regional school system and local residences. This installation will provide a 10% discount to retail rates for traditional energy.
“We are excited to complete our fifth tax equity financing with NTCIC and are very proud of the work we’ve done as a team to bring new renewable electricity generation to local communities across the northeast.” Said Jack Funk, Managing Partner of Lodestar Energy.
The 5.6 MW installation will generate an estimated 5.8 million kilowatt-hours (kWh) per year of renewable energy annually, which:
- Creates enough electricity to take nearly 495 homes off the grid each year
- Is the equivalent of burning over 4.5 million pounds of coal each year
- Sequesters the same amount of carbon from the atmosphere as nearly 5,000 acres of forest
- Offsets the CO2 emissions generated from consuming 462 thousand gallons of gasoline annually
ABOUT LODESTAR ENERGY, LLC
Founded in 2014, by Jeff Macel and Jaime Smith, Lodestar Energy’s goal is to develop great solar energy projects that are environmentally, socially, and financially successful. Since that time, Lodestar has successfully completed more than 30 projects with a combined value of more than $200 million dollars, which offset more than 53,000 tons of CO2 and power the equivalent of more than 13,000 homes annually.