Mountain View's decision to help launch a South Bay clean-power alternative to PG&E appears to be paying off.
Last week, Mountain View and about a dozen other South Bay cities are marking a milestone for Silicon Valley Clean Energy (SVCE), a new public utility that first went live last year. SVCE officials say they have successfully signed up more than 242,000 customers throughout Santa Clara County, proving that the new utility is a sustainable business model.
SVCE officials announced they would pay back Mountain View and other cities that helped get the utility off the ground. Back in 2015, Mountain View, Sunnyvale, Cupertino and Santa Clara County put forward the initial $2 million loan for the technical studies and capital costs to launch the utility. Eight other cities later joined the program and contributed smaller amounts.
The terms of the loan specified that this money didn't need to be repaid until 2020; however SVCE board members say they had no reason to wait to make good on the loan.