Tuesday, March 8, 2016

Will Marinwood CSD get Burned with a Bad Solar deal from SolEd?

A little protection from legal and financial exposure can prevent nasty surprises later.

The Top 10 Mistakes Schools make with a Solar PPA

An Open Letter to the Marinwood CSD on the proposed SolEd contract approval on 3/8/2016

Dear Marinwood CSD board Member,

Tonight you will be making a fateful decision to encumber Marinwood Community Services District into a twenty five year commitment with a young inexperienced Solar company, SolEd and and an unknown financiers C2Beta Holdings llc, a Delaware Corporation formed in May 2015.  

As you know, Soled Benefit Corporation was fired by the City of St Helena for "FAILURE TO PERFORM" its contract duties on November 10, 2015.  C2Beta Holdings is run by a 29 year old financial entrepreneur from New York.

There are many red flags.

The above link is a very detailed explanation of the risks involved in Solar PPAs that is posted to the California School Boards Association website HERE.  According to all accounts it is a VERY EXPENSIVE way to purchase solar and does little to guarantee competitive energy prices in a changing marketplace.

A outright cash purchase using conventional financing may result in as much as 75% savings over a PPA.  This means faster payback and less risk due to technical obsolescence. 

Please weigh the facts carefully before putting our finances at risk for twenty five years.

Stephen Nestel
Marinwood, CA

Editor's Note: The attached power point presentation makes all of the points we have been making against the SolEd contract.   I doubt if anyone other than Jeff Naylor even bothers to read the presentation.   For the rest of the CSD,  they seem ready to blindly accept the contract without any modifications .  

This is really disgraceful

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