Jan 24 2011
GeoGenix has announced that the company is hosting an event for celebrating the completion of a community solar project at Somerset Run in Franklin Township. The event is to be held on the 19th of June at 10:30 am at the Clubhouse located in 101 Stone Manor Drive and would also honor the residents who took part actively in the initiative.
The families who have chosen to invest in the roof-mounted solar units would be commended by the Franklin Township Mayor Levine’s Office for their dedication to the State’s progressive and revolutionary renewable energy targets and to the environment.
This program first originated in California and is now conducted by GeoGenix in New Jersey. The Community Solar Program allows the residents in a community to unite and acquire solar installations for their individual households at a discount. The discounted price is given because of efficient operations such as deployment of installation crews and streamlined permitting processes. The residents are also eligible for the generous and munificent federal and state incentives and all this makes solar, a highly attractive investment. Seniors especially, find it very attractive as their retirement benefits are mostly invested in safe return investments that normally yield very low returns.
Each installed system would have a payback period of less than five years and hence they felt that solar was far more rewarding than the certificates of deposits (CDs) or stock market investments.
Free electricity would be generated for 25 years by the systems and would also generate Solar Renewable Energy Certificate Income (SREC). An SREC is a renewable energy incentive given by the State, based on the quantity of electricity generated by the installation and is earned when the system produces 1000 kWh of electricity. SRECs are tradable certificates and represent an environmental benefit.
Upendra J. Chivukula, a New Jersey Assemblyman, who is the originator of the renewable energy initiatives carried out by the State, and who is also the Chairman of the Energy Committee in the Assembly, would be attending the event to support the Community Solar Program. He commented that it was extremely satisfying to see the developing solar program and the seniors’ participation by going solar to achieve both environmental and financial rewards.
The project covers ten homes and would generate approximately 80 kWh of electricity and an annual production of 100,000 kWh. It would also eliminate 150,000 pounds of CO2 emissions.