Madison, N.H., population 2,600, recently dedicated, according to the Conway Daily Sun, a:
63-kilowatt, 180-photovoltaic panel solar array, which was installed by ReVision Energy and will produce more than 80,000 kilowatt-hours of solar electricity each year.
It will provide the electricity for the town garage, town hall, town fire department, town maintenance garage and library.
The Conway Daily Sun adds:
According to a press release, the project was installed under a power purchase agreement, so there is no upfront cost to the town.
Under a PPA, an investor owns the solar array and sells electricity to the town at a discounted price over the utility’s rate.
For the town of Madison, that investor is Blue Haven Initiative, an impact investor dedicated to putting wealth to work for positive social and environmental change. Blue Haven is able to take advantage of a 26 percent Federal Investment Tax Credit and equipment depreciation write-offs that the municipality cannot take because it doesn’t pay taxes.
The town benefits because it can purchase the facility in the future at a reduced cost instead of owning it from day one. At the start of year six, the town can purchase the installation from Blue Haven at a fair market value, normally around 60 percent of the original cost. After the purchase, the town owns all the power generated. This project is estimated to save the Town of Madison almost $370,000 over the 40-year lifespan of the system, according to Angelo of ReVision Energy of Maine and New Hampshire.