Market Overview

New Town of Monroe Solar Farm to Save Residents Millions

Share:

BARDONIA, N.Y., Aug. 01, 2018 (GLOBE NEWSWIRE) -- Greater Hudson Bank, ("the Bank") (OTCQX:GHDS) is helping to transform a local landfill into a money-saving dynamo. The Bank has teamed up with OnForce Solar and the United States Department of Agriculture (USDA) to finance the construction and ongoing operation of a new solar array in the Town of Monroe, NY. The system is expected to be completed by October 2018.

Greater Hudson Bank
Greater Hudson Bank, joined by OnForce Solar and the USDA, break ground at 813 Lakes Road in Monroe



"The Bank is pleased to partner with OnForce Solar and the local USDA office to bring sustainable sources of energy to our community," explained Anthony Pili, Senior Vice President and solar lending specialist at Greater Hudson Bank. "As a local financial resource committed to local businesses, non-profits, and municipalities, it is an honor to serve a forward-thinking project such as this that will provide green energy and savings for Monroe residents for years to come."

The new array, located at 813 Lakes Road, will be a 2-megawatt DC system that will save the Town of Monroe about $5M over the life of the system. All Bright Electric of West Nyack, NY is the electrical contractor selected for the project.

"Investing in renewable energy projects – like this one in Monroe – helps support home-grown energy sources, creates jobs, and continues to help our state and this community usher in a more energy secure future," said Richard Mayfield, New York State Director for USDA Rural Development. 

OnForce Solar completed a similar project in Rockland County, which was awarded the New York State Society of Professional Engineers (NYSSPE) Project of the Year Award in 2015. "After the success of our recent 2.4-megawatt landfill conversion in the Town of Clarkstown, we are excited to bring the same significant cost savings to the Town of Monroe and its residents," said Charles Feit, owner of OnForce. 

Greater Hudson Bank, founded in 2002, is a premier N.Y. community bank which specializes in providing customized banking services, SBA loans, commercial mortgages, and business lines of credit to Hudson Valley-based businesses, non-profits, and municipal agencies. The Bank is chartered by the New York State Department of Financial Services and its deposits are insured by the FDIC. As evidence of the Bank's financial strength, Greater Hudson Bank has been recognized with a superior rating by the country's leading independent bank rating and research firm, BauerFinancial, Inc. Further information can be found on the Bank's website at GreaterHudsonBank.com or by calling 844-GREAT-11.

Contact:
Joe Koza
Marketing and Public Relations Coordinator
(914) 610-3317

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/8883bdb2-e133-4471-ae74-c44c304b755b

Primary Logo

View Comments and Join the Discussion!