Dec 22 2010
The officials of Union County are looking forward to complete the installation of solar panels over a number of county and local government buildings in a year’s time.
The Union County Improvement Authority, which coordinates the installation activities, is looking forward to install the solar panels over fire houses, community centers, parking lots, libraries and other facilities owned by municipalities and school districts.
According to Jonathan Williams, General Council for the Authority, such solar installation will allow them to save over $6.2 million on energy spending in a period of 15 years. The Authority anticipates selling bonds worth $20 million to the land owners to cover nearly 70% of the total costs involved. Tioga Energy, a California-based company and vendor for the proposed project, will pay the balance 30% of the start-up expenses of the project and repay the loan raised through the bonds during its contract period of 15 years. Tioga anticipates making profits by selling the accrued energy credits and through the available tax concessions.
Initially, a total number of 46 buildings spread in a number of towns in the Union County will be provided with solar installations. The installations will be carried out only in those places where the participants and school districts agree to buy the power generated from the systems at a pre-fixed price, which is anticipated to be 40% less than the rates charged by the utility companies.