SCVNews.com | SCV Water Purchases On-Site Solar Panels To Help Save More Energy
In order to reduce electricity consumption, SCV Water has completed the purchase of power generation equipment on site, the agency announced on Wednesday.
With this purchase, SCV Water customers will have a clean source of energy for years to come. The solar modules have been operated on the agency’s property since 2011 and 2013 as part of a power purchase agreement.
They were purchased for a fair value buyout of $ 15,467,000. The transaction closed on March 29th and will serve to put the agency in an improved financial position while enjoying clean, renewable energy. The agency estimates it could save $ 5 million over the term of the lease through 2039. The energy systems supply around 17% of the total electricity consumption of SCV Water with electricity.
“SCV Water prides itself on its commitment to sustainability,” said Matt Stone, general manager of SCV Water. “By investing in solar energy, our valued customers receive clean energy in the long term.”
TerraVerde Energy supported SCV Water in closing the successful transaction. The company has experience negotiating purchases of large commercial solar projects and has worked with other California authorities to manage similar asset purchases, mitigate risk, while ensuring a smooth and successful transition.
SCV Water is dedicated to the continuous search for innovative and environmentally friendly options for the benefit of customers. The agency recently received nearly $ 250,000 in grants from the California Governor’s Office of Emergency Services to help fund a new generator under the Earl Schmidt Filtration Plan. The new generator keeps the electricity running in emergencies.