Rutgers Board of Governors Approves Construction of Solar 'Farm' (NJ)

[jpak]

http://www.solarbuzz.com/News/NewsNAPR1114.htm

The Board of Governors of Rutgers, The State University of New Jersey, today gave the green light for the construction of a solar energy facility that will generate approximately 10 percent of the electrical demand of the Livingston Campus and reduce the university’s carbon dioxide ( CO2 ) emissions by more than 1,350 tons per year.

Nearly half the $10 million cost of the project – $4.9 million – will be subsidized by a rebate through the New Jersey Board of Public Utilities’ ( BPU ) Clean Energy Program, with the remainder funded by Rutgers. The university expects to recoup its $5.1 million investment within seven years.

“Rutgers is a national leader in the effort to bring environmentally sound practices to higher education,” said Rutgers President Richard L. McCormick. “Whether it is waste reduction, recycling or energy conservation, we take great pride in our commitment to responsible environmental stewardship, and we believe this solar energy project will serve as a model for other institutions to emulate.”

The BPU has established a core rebate program aimed at public agencies and institutions to help them defer the cost of implementing solar projects. In addition to the rebates, Rutgers will be able to capitalize on the BPU’s Solar Renewable Energy Certificate ( SREC ) program. SRECs are tradable certificates that represent the clean energy benefits of electricity generated from a photovoltaic system. The SRECs can be sold to electric suppliers to provide a source of revenue that helps the university offset the costs of installing the solar “farm.”

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[diane in sf]

1. Note the fast rate of payback of investment, even without the state subsidy the payback

would be in 14 years--faster if electricity generated from other sources increases in cost.