Newbury Scotch Hollow Pv Solar
Scotch Hollow Solar Array
Ribbon Cutting
Funded by a local couple driven by the desire to do good locally with their investment dollars, this project is one of several that Norwich Solar has spearheaded through its Community Impact Investor Group. These mission-driven investors help fund renewable energy projects for underserved organizations, giving them easy access to Clean Energy and monetary savings.
The Newbury Scotch Hollow project is sited on a former Town sand pit behind the Town Garage, a prime example of “preferred siting” on town land. It benefits the Town of Newbury and Newbury Elementary School as well as the Upper Valley Haven—in a unique blending of private funding of multiple nonprofits for sustainable energy savings.
Pictured above at the ribbon cutting are Left to right: Community Impact Investor Allan Weiman, Newbury selectboard member Steve Cole, Norwich Solar project managers Terry Donoghue and Evan Weaver, Norwich Solar co-founders Joel Stettenheim and Troy McBride, VT State Rep. Sarah Copeland-Hanzas, Green Mountain Power VP of Government Affairs Robert Dostis, and Upper Valley Haven Executive Director Michael Redmond.
Newbury Elementary School and the Town of Newbury entered into a 25-year agreement to purchase the Net Metering Credits that the Newbury Scotch Hollow solar photovoltaic (PV) project produces at a discounted rate.
The Net Metering Credits are applied to the Town’s various Green Mountain Power accounts, and the discounted price of the credits saves the Town and School approximately $100,000 over the term of the agreement.
As with the other nonprofit offtaker on the project, the Upper Valley Haven, municipalities and schools cannot take advantage of federal tax incentives. The Net Metering (or Power Purchase) Agreement allows them to lock in long-term savings and predictable electricity costs for 25 years, all with no upfront capital cost.
Newbury Elementary School is taking approximately half of the Net Metering Credits, saving them over $3,000 per year in electric costs. The Town is taking approximately 15% of the Net Metering Credits produced to offset their electric costs. The project also produces $1,300 in yearly tax and lease payments to the town.
As a nonprofit with a limited budget and unable to take advantage of federal tax incentives, the Upper Valley Haven saw the value of a Power Purchase Agreement, which guarantees discounted power over the long term without any upfront capital costs. This solar PV project benefiting the Haven not only promotes local energy independence and a sustainable future, it helps them save money and serve more people in its 40-year mission to alleviate poverty in the Upper Valley.
Upper Valley Haven Executive Director Michael Redmond says, “When an opportunity came up to save on our electric bill and do something good for the world and the state, it was a natural win on many levels.” Thanks to the discount the Upper Valley Haven receives from the net metering credits produced by the solar array, the nonprofit will reduce their annual electric costs and save more than $150,000 over 25 years. “That’s a large amount of money we can put into services—as well as changing the overall structure of how power we use is generated,” said Michael Redmond.
(*estimates based on 50K lbs. carbon offset/ 579 trees planted and 52,000 miles driven per kW over system life)