Last year, the City of Georgetown was awarded a $1-million Bloomberg grant to be used for the purchase, storage, and resale of solar energy.
Council member Steve Fought said even supporters of the grant agree that now is not the right time to experiment with new forms of energy. Fought mentions even the detractors agree that this isn’t the right time.
Termination of this contract was brought up in a meeting in July. At the time city officials believed ending the contract was the right thing to do, mitigating the cities issues with Georgetown Utility.
The shortfall occurred when the city purchased an excess of solar energy, but couldn’t sell it for a high enough price when market rates dropped.
Bloomberg Philanthropies has now terminated the grant, and in a 5-0 vote, the city council has now agreed to the termination as well.
According to the Assistant to the City Manager, Georgetown will return $100,000 given to them in the early stages.
(Photo: Shutterstock)
