Maine's Largest Solar Array Up and Running
Last week the state of Maine's largest grid-tied solar electric array went live.
On Friday, Chris Rhoda, Thomas College's Vice President for Information Services, flipped the switch and powered on 700 solar electric panels at the college's campus in Waterville.
Thomas College engaged in a PPA (power purchase agreement) structure with ReVision Energy to complete their solar array. Because nonprofits, schools, and municipalities are not eligible for the 30% federal tax credit and bonus depreciation, having a for-profit entity buy the solar array and then sell the power the array produces to the nonprofit (versus having the nonprofit by the array themselves) makes the economics of going solar becomes more viable for nonprofits.
Through the PPA structure, the cost per kilowatt hour of power the nonprofit pays is slightly under the rate the they would otherwise pay for utility power. After a period of years (minimally 7), the private entity can opt to sell the solar array to the nonprofit.
Interested in learning more about how solar can work for a non-profit institution you care about? Contact Jennifer at ReVision Energy at email@example.com or (207) 589-4171.