We are proud to welcome Norwich Solar Technologies as a Local First Promoter Sponsor! The White River Junction-based renewable energy company provides end-to-end solar solutions to businesses in Vermont, New Hampshire, and throughout New England. Norwich Solar Technologies (NST) supports local job creation, increased energy independence, and reduced pollution while following socially responsible business practices and is commitment to our community.
One example of NST’s commitment to community is their Community Impact Fund. The fund allows local investors to own community solar projects that expand participation to low-income residents, nonprofits, and start-up businesses while allowing investors to use their tax liability to make positive economic and environmental returns. The fund links mission-minded investors with high-impact projects that make the Upper Valley stronger.
The type of projects that the Community Impact Fund targets are projects that can generate broad benefits to the community such as economic development and greenhouse gas reduction. The fund has a 2019 target to finance $2.5M of non-traditional ventures, primarily focused on solar projects that can significantly lower electric bills of these underserved communities. While the fund is primarily focused on solar projects in 2019, the longer-term goal is addressing the “energy burden” transportation and housing put on low-income individuals and our environment. Low-income households suffer a disproportionate energy burden, defined as the percentage of gross household income spent on energy costs.
Since launching in December 2018, the fund has completed three projects serving a low-income community, an environmental nonprofit, and a human services nonprofit. Collectively, these initial projects will save their beneficiaries an estimated $600,000 over their lifetime and eliminate 950 tons of greenhouse gas emissions. Currently, two more projects are underway to serve additional low-income households and a local new business startup.