Sunedison Inc (NYSE:SUNE) reported that it will commence construction on its first community solar project in a 2.7 megawatt DC solar farm in Foxborough. The community solar offerings have turned out to be a great way for businesses and homeowners to save on utility bills without having installed a solar system on respective properties. This unique system is installed at a single community location and users enroll to obtain a part of the system’s output through net metering credits.
Homeowners based in the National Grid’s SEMA region can enroll for Sunedison’s community solar project and obtain up to a 10% discount on their power utility rate. The company expects to bring additional community solar programs in Massachusetts next year.
The management view
Steve Raeder, the GM of Sunedison’s east coast industrial and commercial solar business, said that the company’s community solar project is a thrilling opportunity for municipalities, homeowners and businesses to save money while leading to a cleaner environment in region.
Massachusetts has got some of the expensive electricity rates in the nation, but with the facility of community solar, they are able to cut down participants’ electricity bills without any need of an up-front cash payment and without the requirement to install a solar system on their land.
The town of Foxborough is hosting the solar farm and it has finalized a 20-year power purchase deal with Sunedison Inc (NYSE:SUNE) to enroll to 50% of the solar farm’s output. It expects to utilize the clean electricity to meet need of municipal operations, including schools.
William Keegan, the Town Manager of Foxborough, said that community solar can be stated as a game changer. By going solar, they will be able to save taxpayers’ money and improved economic activity and clean air to the entire community. The company is delighted to partner with Sunedison as they venture into the Massachusetts market.