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The system comprising approximately 2,500 Trina Solar panels, on the city’s Public Works Building, is expected to produce 51 percent of the power requirement for the building. It is projected to generate approximately 803 megawatt hours of electricity per year. This significant energy reduction could potentially save the city $50,373 in the first year and $454,611 over the 15-year life of the agreement with Standard Solar. The project is structured as a power purchase agreement (PPA) with no capital outlay from the city. Standard Solar will finance, install, and maintain the installation.
“We commend the city of Atlantic City for its recognition of the value of solar,” said Scott Wiater, Standard Solar president. “For zero upfront cost, the city will now benefit from the long term fixed energy costs which will in turn benefit its taxpayers as well as job creation.”
New Jersey is the second largest market in the country for solar energy installations, according to the Solar Energy Industries Association. The state’s solar industry is booming, according to the New Jersey Board of Public Utilities. Much of this success is attributed to New Jersey’s Solar Financing Model, which relies on high renewable energy standards and the use of Solar Renewable Energy Certificates (SRECs).
“This project is a great entry point for Standard Solar to expand our operations to serve not only New Jersey’s commercial customers but its residential ones as well. New Jersey has taken great steps to make solar energy more affordable to its residents and we look forward to helping them realize its potential,” Wiater added.
“The city of Atlantic City has gone green and I’m excited about being able to save taxpayer dollars by implementing efficient energy initiatives,” said Atlantic City Mayor Lorenzo T. Langford. “We are fully committed to creating an effective energy program, which will ultimately lead to job creation, lower costs, substantial savings, and a cleaner and healthier environment.”
The project will create local jobs for subcontractors who will be hired to assist with the installation.
Installation of the system is expected to begin in late November of this year.
For more information, visit www.standardsolar.com.
Publication date: 08/01/2011