Seeing the Light

lightbulbdrawingThere were two points that the Westifield Leader failed to mention in their story (page 2 bottom right) regarding $28.6 million that Union County is planning to bond to put up solar panels.

First is that these bonds will almost certainly default and Union County taxpayers will pick up at least another $20 million in debt on top of the $560 million we have already.

In Morris County the company responsible for repayment of their bonds is called ‘Tioga Solar Morris County 1, LLC‘ which expects to get 57.8% of the amount needed to make those payments from the sale of Solar Renewable Energy Certificates (SRECs) to utilities that need solar credits. Look at the name of the company and tell me it’s not a shell. Now look at the law firm pushing both deals, DeCotiis, Fitzpatrick & Cole, LLP, and google their names with the words ‘EnCap’, ‘Xanadu’, or ‘Wayne Bryant‘. Finally, look at all the solar panels that PSE&G is putting up on any telephone pole steady enough to support them and tell me they’re going to be in the market to buy SRECs.

It’s absurd. With the collapse of the SREC market this deal makes absolutely no sense to anyone with half-a-brain and no ulterior motive which means it will likely pass by another 9-0 margin in Union County, assuming of course that all nine freeholders bother to show up.

The other point to be made is that, with the first solar panel still months from seeing the light of day, DeCotiis, Fitzpatrick & Cole, LLP has already billed $283,137.53 and the Birdsall Services Group another $222,500. This project will be worth millions to those dependable campaign donors and, hence, thousands to the war chests of their benefactors. Hopefully that knowledge will light up a few bulbs.

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