The Peterborough Select Board will sign a contract with BlocPower for renewable energy services, and accepted a $5,000 donation from the Peterborough Renewable Energy Planning (PREP) committee toward administrative costs.

BlocPower is a climate technology company focused on making aging buildings greener, including weatherizing, installing heat pumps and heat pump water heaters, adding solar and some electric appliances. 

BlocPower offers lease packages to property owners that require no money up front and can be as long as 15 years. Property owners would also have the option to buy equipment and services up front or can choose to sign shorter leases. 

Originally started in Brooklyn, the company prioritizes working in low-income neighborhoods and this will be its first project in a rural area on the East Coast and the first in New Hampshire. PREP Committee member Dori Drachman said the committee will manage the project and they hope to electrify 10 to 15 buildings by June 30, 2024. 

“Today we had a meeting with a representative from BlocPower,” said Drachman. “They work very closely with community leaders because they know we are the ones who know the community best and can meet those needs.” 

Drachman believes long-term leases will allow more property owners to have greater access to making their buildings greener. 

“This equipment is expensive. This takes that hurdle away,” she said. 

Speaking about making upgrades to buildings to make them more environmentally friendly, Selectman Bill Kennedy said, “There is a crossover point where you’re actually saving more money than you would have spent on traditional electric costs.”

Selectman Bill Taylor asked, “Why does the town need to be involved at all?”

Drachman said BlocPower insisted on a contract with the town because they want to know that the town is in support of the project. Normally the town pays the administrative cost, but the PREP Committee decided to donate funds to cover that cost.

Next year, if the town signs a new contract that will include more than 10 to 15 buildings, the administrative cost will be more than $5,000. Drachman said at that point they would look into other funding to cover the administrative cost. 

Taylor asked what would happen if a property owner sells their building while still paying off the lease, as in his experience in real estate, he has seen instances where similar situations have caused issues for home-buyers. Drachman said the lease could be paid off early or the building could be sold with the new owners accepting the terms of the lease. She also said of BlocPower, “They have backing to be able to absorb some defaults.”

Taylor also asked about downsides to signing the contract. Drachman said downsides would be if the company does not do good work or follow through with what was promised. 

The Select Board also voted to approve a $5,000  expenditure from the Land Acquisition Capital Reserve Fund to go to the Harris Center in support of the Lahey Conservation Easement.

Board members also approved use of up to $6,000 for tire recycling costs to come from the Reclamation Capital Reserve  Fund.

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