School District Earns Another $27,950 from Solar Panels
To date, the Lawrence Township public school district's solar initiative has generated $1.7 million to offset district energy usage and provide tax relief to residents.
Editor's Note: The following news brief was contributed by Lawrence Township Public Schools.
Lawrence Township Public Schools recently participated in another auction to sell Solar Renewable Energy Certificates (SRECs) generated by the solar panels installed on the roofs of the district's schools.
The district earns one SREC for every 1,000 kilowatt hours the solar panels produce.
At auction, the district sold 325 SRECs at $86 each, for a total of $27,950.
To date, the solar project has earned $1.7 million in SREC sales.
Lawrence Township residents voted on April 15, 2008, to approve a bond referendum financing solar panel installation on the roofs of all seven school buildings within the Lawrence Township publis school district.
Revenue earned at SREC sales is in addition to the energy usage offset by the solar panels and goes towards tax relief for Lawrence residents via debt reduction.
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Lawrence Township Public Schools Administration Building
2565 Princeton Pike, Lawrenceville, NJ
The Stig
2:56 pm on Saturday, February 16, 2013
How much did it cost to install the panels and what was the projected value of the SRECs when the project was approved? Suspect they were anticipated to bring in revenue at 3 to 5x what the BOE is now realizing. It would be great if they now projected the payback period - 10 years, 25 years, 100 years, infinity??
spentout
4:23 pm on Tuesday, February 19, 2013
I would also like to know the payback period based on the current rate of $86.00. The solar panel project was around 40 million as I recall and the rate was $600. at the time. Isn't the useful life of a panel about 20 years ? It appears the solar panels will have to be replaced before the first solar panel project is paid off. Then the million dollar school warehouse purchase must be paid. And now under Obama care part time education department employees will be added to the BOE cadillac health care plan.