Alert: Klehr Harrison Facilitates Purchase of Large Solar Roof System
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11.23.09
Klehr Harrison represented EOS Energy Solutions in a $536,000 deal to install an 80 kilowatt solar roof system on the building that houses Alva Bushnell, an accordion folder manufacturer in Philadelphia’s Germantown area. The deal is on the cutting edge of a trend to take advantage of various subsidies and tax credits and to get ready for the rate increases expected to come with the deregulation of electricity rates. The roof project is the largest in the region and the largest EOS has installed on the East Coast.
Along with federal and state grants, rebates and tax credits, the new roof system will cost Alvah Bushnell $62,720. It will save the company $34,000 a year in electricity costs and pay for itself in two years once it is installed in mid-January.
Douglas Schleicher, the Chair of the firm’s Environmental Group, and Larry Arem for the firm’s Tax Group, worked on the transaction.
The company’s decision to convert to solar is discussed at length in the recent Philadelphia Inquirer article that can be found at http://www.philly.com/philly/business/20091115_A_Solar_Investment.html.