SALT LAKE CITY, Aug. 26, 2015 /PRNewswire/ -- Celtic Bank is pleased to announce that it recently facilitated several small to mid-scale commercial solar renewable energy projects supported by 20-25 year power purchase agreements. Funds for the projects will be used by businesses to install solar panels for distributed generation, community solar, and to sell excess energy back to the local electric utility. The projected energy production from these solar facilities is equivalent to eliminating CO2 emissions from 10,974,105 pounds of burned coal or 1,149,645 gallons of used gasoline over a year's time.
Since January 2015, Celtic Bank has facilitated approximately $43,000,000 in renewal energy projects in Arizona, California, Colorado, Hawaii, Massachusetts, and New Jersey. While utility-scale solar and residential solar have thrived, mid-scale commercial solar projects have trailed behind in recent years. Historically, it has been difficult for developers of small to mid-scale commercial solar projects to obtain financing due to high third party costs, a lack of standardization, and unconventional risk profiles. Celtic Bank has addressed this need by primarily focusing on financing solutions for commercial projects ranging from 350 kilowatts to 2 megawatts in size with project prices from $1,000,000 to $5,000,000. Host facilities include a wide variety of beneficiaries including schools, hospitals, residential communities and small businesses. "Celtic Bank is committed to renewable energy and is pleased to provide financing for a technology that will have a positive impact on the environment for years to come," said Celtic Bank's Justin Fuller who has been responsible for building the renewable energy program at Celtic Bank.
The renewable energy financing programs offered by Celtic Bank provide an alternative funding gateway for businesses that are interested in becoming eco-friendly. For more information on getting your renewable energy project funded, contact Justin Fuller at [email protected] or Jake Barney at [email protected].
About Celtic Bank: Headquartered in Salt Lake City, Utah, Celtic Bank is a leading nationwide small business lender specializing in SBA 7(a), SBA 504, USDA B&I, conventional business loans and renewable energy projects. Celtic Bank is an SBA Preferred Lender and is currently the 6th largest SBA lender in the nation. For more information, please visit https://www.celticbank.com.