Look on the bright side
September 8, 2022
Solar panels are being installed on four campus buildings this fall which, once complete, are expected to produce an estimated 320,000 kilowatts of renewable energy per year. These systems will be used primarily to offset use of the power grid for the buildings on which they are installed.
The John J. White ’38 Science & Technology Center, Gideon Welles Dining Commons, Woodbury Hall, and campus facilities building will have solar panels installed, with JJW being the first completed. The program was made available through the Connecticut Association of Independent Schools.
Cheshire Academy has been approved to receive up to $150,000 from the Connecticut Neighborhood Assistance Act Tax Credit Program for the installation of the solar panels. C Corporation businesses can receive 100% tax credit by making a gift to support energy efficient improvements on CA’s historic campus, including solar and HVAC upgrades, making it a no-cost gift to the corporation. For more information, contact Barbara Davis, interim chief advancement officer, by email. (More information about the program below.)
The installation of solar panels is just one of the many campus enhancements taking place this year. Before the start of the academic year, the Simosa Field & Track was replaced with a new turf field and track surface. Three new tennis courts were added to the six at the Markin Tennis Center, and an all-new multipurpose turf field is being constructed. Both are slated to be completed by mid-October.
Planning is also underway for a new community space for athletics, the arts, and Community Life, where the Arthur Sheriff Field House is currently located.
Follow progress on these projects on our Flickr photo gallery.
Connecticut Neighborhood Assistance Act Tax Credit Program
If you or someone you know works for a CT C-Corp, and want to take advantage of an incredible tax benefit, Cheshire Academy has been approved for $150,000 in grant funds to support energy efficient improvements to our historic campus including roof, solar, and HVAC upgrades.
The Connecticut Neighborhood Assistance Act (NAA) Tax Credit Program is designed to provide funding for municipal and tax exempt organizations by providing a corporation business tax credit for businesses who make cash contributions to these entities.
(Not Available Until September 15, 2022)
Businesses can receive a credit of 100% of their approved contribution to Cheshire Academy because the funds will be used to support energy efficient improvements, including the three new solar panel systems. Any tax credit that is not taken in the income year in which the contribution was made may be carried back to the two immediately preceding income years (beginning with the earlier of such years).
This is a win-win situation and a tax-advantaged way for C-Corps to increase their philanthropy and impact on Connecticut non-profits, such as Cheshire Academy, and their communities.