Installing A Solar Panel System At The Rex Hill Property

1022 WordsMay 18, 20165 Pages
This is a response to the request to investigate the proposal for installing a PV solar panel system at the Rex Hill property OVERVIEW The proposed system is a 20 kW solar array that will cost $82,000 and last an expected 40 years. Jordan Weisman, owner of Sunbridge Solar, stated in an email that the proposed solar array will require 800 to 1000 square feet of land for installation. The solar array will come with a 20 year warranty and require minimal maintenance. Within this report I will show that the benefits of this project will outweigh the cost. My recommendation is based on the conclusion that this project will pay for itself within five years of installation. I will evaluate the net cost of this project based on energy saving, tax credits received, available tax write offs, rebates, and payments on the loan proposed. I will also examine the environmental and public relation benefits of installing solar panels. DISCUSSION Energy Savings Based on the current electrical rates the 20 kW array will save around $900 per year on utility costs for the first five years. The energy savings over the first five years will be $4,500. From 2003 to 2014 electrical rates have increased, on average, by 43.5% . It can be assumed this increase will continue and so will energy savings from the solar array. By projecting this increase over the lifetime of the solar array there is the potential to save about $67,000 on electricity. Tax Credits Both the state of Oregon and the federal

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