ReVision Energy launches fund to help nonprofits tap solar energy

ReVision Energy has started an impact investment fund business, ReVision Solar Impact Partners, to help nonprofits and municipalities acquire cost-effective solar energy. The new company will allow nonprofits to acquire solar energy despite the fact they can't take advantage of the 30% federal tax credit and an approximately 20% depreciation benefit available to tax-paying entities and homeowners, company co-founder Phil Coupe told Mainebiz. ReVision Solar Impact Partners "solves this problem by attracting tax equity investors who can 'monetize' the tax benefits in a way that benefits nonprofits and municipalities," he said. ReVision Solar Impact Partners launched this year and has closed its first two inaugural funds, totaling $2.6 million. That funding resulted in roughly 1.1 megawatts of completed solar arrays for 13 nonprofits and municipalities from Kittery to Bucksport, as well as in New Hampshire. The nonprofits include social service agencies, low-income housing communities, schools, churches and municipalities. Coupe told Mainebiz that those arrays are expected to offset roughly 1.3 million pounds of carbon population from regional fossil fuel power plant each year. A third fund, which will build seven arrays, is due to close soon, he said. There will be five to eight funds in 2019, ideally totaling about $10 million in project development, he said. The fund business is looking for investors, he added.