CVEC is prepared to launch its new community solar program, Solar Share, in Spring 2018. Construction has been completed on two solar generation farms, and CVEC has finalized a purchase agreement with Coronal Energy, which locks in the cost of solar power for the next 25 years. The solar farms will produce a total of 10 megawatts (MW) of energy, making them the largest solar project for an electric distribution cooperative in the state. CVEC will add 60% of the solar energy to its power supply portfolio for use by all 36,000 members, while the other 40% of the energy output will be offered to its members for subscription through CVEC’s Solar Share program.
Through Solar Share, residential members may purchase up to five 50-kilowatt-hour (kWh) blocks of solar energy, for a total of 250 kWh per household. The cost per 50 kWh block is $4.50, or $22.50 for the full 250 kWh. The subscription rate for this solar energy will be locked in for 25 years and will not be subject to rate increases during that time. Members will still be responsible for paying the distribution costs associated with their solar shares. The diagrams below compare kWh costs for a bill with and without solar shares.
The community solar rate was filed in December 2017 with the State Corporation Commission (SCC) and CVEC anticipates approval in the spring. Shares are limited to 11,000 blocks, so CVEC will offer a pre-sale to members in February to ensure they secure the maximum amount possible. CVEC is excited about this opportunity to offer solar energy to members who wish to use green energy, but are unable to install solar panels on their dwellings. Solar energy enables CVEC to fulfill its mission, offering clean, renewable energy and adding to its already diversified power portfolio.
Stay tuned for more updates!