Central Electric flipped the switch in Dec. 2015 on our community solar project.
The project, located beside the Central Electric office on Wilson Road in Sanford, consists of 360 photovoltaic panels that produce up to 100 kilowatts of electricity, enough to power as many as 12 to 15 homes.
Our project was funded by a tax equity investor (TEI) who provided approximately 75 percent of the upfront capital to construct the project in return for the federal and state tax credits for renewable energy.
The TEI recovered its costs, as well as a small return on investment, over a period of seven years. At that point, Central Electric became the sole owner of the system.
Renewable energy produced by the system will be included in our power supply, and any benefits will be factored into our rates.
The system helps meet our members‘ continuous demand for electricity by supplying solar energy year-round, but obviously more so during the longer summer days. This can reduce wholesale power costs, which account for a large portion of your cooperative’s expenses. In addition, the solar system will be a valuable educational tool for area students as they learn about the transmission and distribution of electricity.
While we will continue to purchase power from traditional generation sources, this is another step toward bringing renewable energy into the mix. By balancing our power supply with both traditional sources and renewables, we can provide a bright future for Central Electric members.
