Hybrid Energy Not Just For Cars: Bay Area Toyota Dealership Utilizes $2 Million in CleanFund Financing to Achieve 95% Electricity Savings
By Alice Reeve
With $2 million in CleanFund financing, the family-owned Toyota dealership in Dublin, CA was able to add two solar systems to its service facility and newly constructed carports. With both systems fully operational, they are generating over $200,000 in electricity savings per year. As part of this financing, the dealership also installed LED lighting across the entire property. The solar additions, along with the LED lighting have virtually eliminated the dealership’s annual electricity bill.
The developer, Sunlight Electric, LLC knew that CleanFund CPACE financing would deliver the economics needed for a project of this scale. “With no capital outlay, a suitable loan term, and financing payments below what their utility bills were, CleanFund was able to produce a financing package that generates an immediate positive cash flow for Dublin Toyota,” said Rob Erlichman, Founder and CEO of Sunlight Electric, LLC.
CPACE financing enables property owners with a broad spectrum of credit profiles to save significant amounts of money, regardless of their ability to adequately utilize all of the available solar tax benefits. CPACE is fully transferable and can be used to finance solar systems with either a direct-ownership structure or a third-party owned structure (via a CPACE Power Purchase Agreement).
The ownership group of Dublin Toyota has a philosophy of quality and integrity, believing that, “If you're going to invest your time into something, do it with heart and give it your all,” which is aptly summed up by the company’s motto: “Doin’ It Right!” To the owners, clean energy and CleanFund financing meant exactly that.
With more than 700 vehicles in their inventory, an expansive showroom, and a service center, the Dublin Toyota property was an ideal candidate for solar upgrades. The large, flat roof of the service center is perfect for mounting solar panels and the carports will provide shade for their inventory of new vehicles, while generating electricity for the business.
“Dublin Toyota’s operations team is world class, with a focus on quality and customer service, which is an approach to business shared by both Shamrock, Sunlight and CleanFund, allowing our teams to plan and execute efficiently.” Said Jim Curran, President of Shamrock Renewable Energy Services, Inc, the installing contractor.
CLEANFUND VIDEO CASE STUDY
For additional savings metrics such as First Full Year Net Operational Savings and Cumulative After-Tax Net Income, download the full case study below.