Pepco Energy Services is installing the panels, and is paying to be able to do so. They will then sell the energy created to the center via a 20-year power purchase agreement. Smart planning by Pepco since such large-scale photovoltaic investments are a tough sell and publicity like this is worth the cost of installation.
This system will provide about 25% of the power needed to run the center, saving about $4.4 million over the course of the agreement. Construction is set to start just before the federal investment tax credit for solar expire – nice to see them hurrying to eek in under the wire.
With big companies going green via purchasing power from alternative sources, power purchase agreements are a great way to get solar power up and running on large scales, without having to deal with the turn-off factor of installation investments. Should the ITC fail to be renewed, power purchase agreements could give all those on-hold projects a legitimate way-ahead.
written by The Food Monster, June 24, 2008
written by Vehicle Transport, June 24, 2008
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