Renewable energy company Solar Energy Initiatives has finalised a contract with a school district in the US to install and operate a $6m photovoltaic system on school facilities.
Under the contract, the company will supply the solar equipment for the installation on the locations within the school district in Western America, and will sell the newly generated solar energy at a discounted rate compared to the existing electricity provider.
Solar Energy Initiatives will partner with a major funding source, installing the solar system at no extra expense to the school district or municipality. The company will split the revenue of the energy sold to the school district and recognise energy sales over a 20-year period.
After completion of the contract, Solar Energy Initiatives expects to provide around 20% in overall energy savings to the school. The usage of around 5,000 solar panels for the 1MW project is expected to reduce hazardous carbon dioxide emissions by 2,000t a year.
By staff writer.