Solar Energy Initiatives Inc. has finalized a contract with a school district in the western U.S. to install and operate a $6 million PV system on school facilities.
Solar Energy Initiatives will supply the solar equipment for the installation on the locations within the school district, as well as sell the newly generated solar energy to the school district at a discounted rate compared to that of the current electricity provider. Solar Energy Initiatives will partner with a major funding source, installing the solar system at no out-of-pocket cost to the school district or municipality.
The company will split the revenue of the energy sold to the school district and recognize energy sales over a 20-year period. Upon completion of the contract, Solar Energy expects to provide approximately 20% in overall energy savings to the school. The utilization of approximately 5,000 solar panels for the 1 MW project is projected to reduce hazardous carbon dioxide emissions by 2,000 tons annually.
SOURCE: Solar Energy Initiatives Inc.