From a teacher’s home in Hazard to a family farm in Owsley County, the Kentucky Highlands Solar Energy Revolving Loan Fund is demonstrating that renewable energy can be accessible for rural communities.
The fund, which was started through a $100,000 grant from the Opportunity Finance Network (OFN), is designed to finance new buildings or retrofitted existing buildings with solar energy systems.
KHIC is working with HOMES, Inc., an affordable housing provider in Letcher County that has developed an expertise in installing solar energy systems; and Human/Economic Appalachian Development Corporation (HEAD), which provides financing to small start-ups and expanding businesses in central Appalachia.
The fund has financed four completed projects to date and has at least three proposals in process with HOMES, Inc., including:
Les and Maggie Roll: Maggie is a Spanish teacher at Hazard High School, and Les manages special projects for Mountain Association, including its energy financing to grocery stores. Their rooftop mounted solar array is estimated to save them more than $1,700 annually for a lifetime generation savings of more than $42,000.
Billy and Tammy Richardson – The Richardsons live on a 17-acre farm in Whitley County. Billy is the senior production manager at Baxter’s North America, and Tammy is an assistant registrar at University of the Cumberlands as well as owner of an online craft business called Southern Charm Creations. They had been using electric for heat, supplemented by wood and propane. The system should take care of 100% of their residential power consumption, and they may be able to sell some power back to the utility. Their estimated lifetime generation savings is $67,000 in electric costs.
“KHIC has a long history of specialized revolving loan funds, and the OFN project allowed us to get involved with renewable energy projects,” said Jerry Rickett, president and CEO of KHIC. “Our renewable energy expertise has grown significantly because of the OFN Renewable & Energy Efficiency project. In turn, it will benefit local businesses and homeowners.”