“Morris Model” Saves NJ County Millions

According to the Morris County Improvement Authority (MCIA), a unique financing model being used in Morris County, NJ saved the county $3.8 million in electricity costs. Using the “Morris Model,” the MCIA issued $22.3 million in low interest government bonds to install 3.1 megawatts of solar panels on county properties like schools, government buildings, and a sports arena. The solar energy company that owns and operates the panels then sells the solar generated electricity back to the county at a discounted rate. Any money the company makes from federal tax incentives and the Solar Renewable Energy Certificates (SRECs) generated by the panels gets returned to the county as discounted electricity. The MCIA estimates that the electricity generated by the program costs 35% less than its local utility charges.