The New York Green Bank and US Bank are providing $13.5 million to finance small-scale wind turbines on commercial property.
United Wind created the WindLease programme in 2013 to help property owners invest in small-scale wind turbines. Properties of more than five acres qualify, and high-energy agriculture businesses like dairy farms or vineyards are some of their most frequent customers, according to communications director Joellen Gagnon.
The company installs and maintains up to 100KW turbines for qualified customers through a fixed rate, 20-year lease with no upfront costs.
The aim is to make it economically feasible for customers who can’t afford a turbine to lower energy costs by generating on-site electricity through wind power. “It gives people who wouldn’t normally have a $1 million lying around the opportunity to put up a wind turbine,” Gagnon said.
New York Green Bank is a state-sponsored financier that works with the private sector to increase investments in New York’s clean energy markets.
Reporting by Jordan Stutts.