Oklahoma+nonprofit%2C+high+school+benefit+from+third-party+solar+power - Journal Record

Oklahoma nonprofit, high school benefit from third-party solar power | The Journal Record

The Regional Food Bank of Oklahoma now has solar panels. (Courtesy photo)

OKLAHOMA CITY – Oklahoma nonprofits and schools are going solar thanks to a unique investment strategy.

The Inflation Reduction Act was signed into law in 2022, providing an estimated $369 billion in tax incentives to shift America’s energy dependence toward renewable energy sources.

Now, the Inflation Reduction Act is accelerating third-party solar ownership, and the result is mutually beneficial for the person or entity that invests in the panels as well as the nonprofit. The investors, who are oftentimes anonymous, receive a tax credit that varies with the size of the project, and nonprofits see lower energy bills.

A company called Brightwell plays the role of liaison to establish the partnerships between wealthy individuals and corporations that create tax liability and nonprofits that operate on a tight budget, which can be a challenge with energy costs.

Tony Capucille, CEO of Brightwell, said his company helps transform individuals and corporations into impact investors through a tax equity investment because the federal government offers significant tax incentives for entities adding solar power.

The Regional Food Bank of Oklahoma had 1,512 solar panels installed at the end of 2023. Capucille said the investor takes care of the system once it’s put in place.

“At the heart, at the middle of this, we call it unlocking generosity, because we’re not going through large investment firms. We’re not going to large capital companies that are taking pieces out of the middle. We’re connecting local investors with local projects,” Capucille said.

Capucille said there is a period of time in which the food bank is paying the investor for the system.

“All those details about how it works are things we work through our directors of generosity. They work through with your CPA and set up the transaction,” Capucille said.

Cassie Gilman, CDO at Regional Food Bank of Oklahoma said in a presentation Thursday that adding solar power is the logical next step in their innovation journey as it creates sustainability for their work.

“Our expectation is that it will reduce our (energy) usage (by) about 50%, and we should save at least 40% on our current bill,” Gilman said.

Austin Prickett, marketing manager for the RFBO, said the savings will mean more meals for those in need in the 53 Oklahoma counties they operate in and even a possible expansion of their network.

“That’s all money that is gonna go straight into programs to help serve our neighbors who are food insecure,” Prickett said.

According to a presentation, the 30-year savings for the nonprofit amount to approximately $5.7 million.

Next week, the installation of 488 solar panels will begin at Norman North High School. The project will result in 100% energy offset and a 30-year savings of $1 million, according to a Brightwell information packet.

Capucille said when he met with Justin Milner, associate superintendent of Norman Public Schools, their conversation began with an air of reluctance.

“(Milner) said ‘hey, we want to go solar, but we’re not going to do it. Are there any questions?’ I was like, ‘well, why not?’ He said it’s hard to figure out when you’re going to work this into your budget, more or less,” Capucille said.

Milner said the investor component allows Norman North to benefit from having solar power and allows Norman Public Schools to take energy savings and put them back into the classroom.

“It’s a win-win,” Milner said. “Again, not having to go out for a bond because at the time we met actually, we had just gone out for a bond so we didn’t have that element of solar already there. Today, we’re able to take advantage of it. It will be here in just a few months.”