Are you interested in saving money while producing solar sourced energy? Are you someone whose house, business or land can t host solar panels?
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1 Page 1 of 16 Winter 2016 Group Solar Farm Panel Purchase and License Information Packet Are you interested in saving money while producing solar sourced energy? Are you someone whose house, business or land can t host solar panels? Do you rent your home or office? Are you concerned by panel/roof maintenance or the cost of inverter replacement? Thinking of moving? If you said yes to any of these questions, Green Mountain Community Solar has a solution: you can purchase solar panels from us, we ll then connect your panels to our farm where they generate solar electric power with no additional cost to you for 30 years. Our community solar farm projects offer a full 30 year warranty, with maintenance, cleaning and insurance included. There are no additional costs, and because you own the panels you can take the available 30% federal tax incentive. If you are a Green Mountain Power (GMP) customer, your cost to benefit ratio is 11 to 1. This means for $1,000 worth of panels you purchase you can take a $300 federal investment tax credit, lowering your upfront cost $700 against which you save on average $62 per year on your GMP bill each year for 30 years a 9% dividend each year with an 11 year payback. If you live outside of GMP s service territory, your cost benefit ratio is 13 to 1. Green Mountain Community Solar is a competitive solar option: our initial cost is $4.00 per watt, which, with the 30% tax credit, works out to $2.80 per watt. Vermont businesses receive additional tax benefits, and now community solar specific loans can help keep your out-of-pocket costs down. As you may know, your panels would produce emissions-free solar electric net metering credits. Separately, your panels also produce Renewable Energy Credits (RECs). If you want to purchase the RECs separately, you may elect to do so for an additional 20%. If you purchased the RECs you d be able to add to your description that not only do you panels produce emissions-free solar electric credits, but that you use green, clean and renewable power. If we ve piqued your interest, your next step would be to research your utility costs and contact us to get a quote. We are available by phone or , and even by house call. Sincerely, Bruce Genereaux, Norwich GMCS principal and panel owner
2 Page 2 of 16 Operating Solar Farms Our next site: Waterford This 150 kw solar array, is scheduled for construction spring This 673 panel array was issued its permit in November Panels are available in this farm now. Our Future Sites Permits Pending Lunenburg 150 kw permit submitted November 2015 Groton Town Landfill 150 kw permit submitted December 2015
3 Page 3 of 16 Why Community Solar versus at Your Residence or Business? According to industry research, about 50% of homes either cannot have panels placed on or nearby. Even if they can, placement may be less than ideal i.e., shading or wrong orientation of the panels, trees have to be cut, holes in their roofs, or worries about maintenance or moving or shingle replacement time. Community solar sites such as ours are selected for optimal sun exposure to get you the best possible solar production each year and we guarantee production, pay for all costs and insure the assets. Our sites are built in bulk, where economies of scale allow us to keep costs down. Other benefits of a Green Mountain Community Solar offer include our buyout and inclusion of any residence or business address yes, you can be in any state or utility service territory and purchase panels and get their benefits. Your solar panels are expected to generate renewable energy credits separate and distinct from net metering credits ( RECs ). Unless you choose to retire the RECs produced by your solar panels, technically, according to the FTC, you are not buying solar power, nor buying renewable energy, the owner is simply buying solar panels and lowering utility bills through emissions-free solar generation. You will have the option when entering our license agreement, to request to purchase from or have GMCS retire RECs associated with owners panels electric production. This option is priced at 20% of owners panel purchase price. Absent an election by the owner, all RECs produced by owner s panels will belong to, and may be sold by, developer. How you fit in your arrangement 1. You purchase solar panels and receive a 30-year license from GMCS to join one of our farm s net metering groups. By joining a group your panels electricity net metering credit is allocated to your GMP account or, if you are not a GMP account holder, your credits are applied to one of our corporate, school district or non-profit partners through whom we pay you 90% of your credits value to you. 2. Your cost and associated savings: Take your average annual electric utility bill divide it by $62 and multiply the result by $1,000. This is the approximate panel purchase cost needed to achieve your savings. Depending on the panel sizes we use in our projects the actual number of panels that will produce this savings will vary. Our specific quote to you will specify the panel count, panel capacity, your one-time cost, and our estimate of how many dollars it will generate for you each year over a 30 year horizon. Your savings will be approximately 15% lower if you are not a GMP customer. Regardless of geography, if you expect to pay federal income taxes, you can take a tax credit of 30% of your cost if the utility bill against which your credits or check will be applied is either your primary or secondary residence using IRS Form 5695 or your purchase was for your business, you d use IRS form Our costs equate to $4.00/watt before the federal ITC and $2.80 after the federal ITC. The federal ITC is scheduled to sunset after 2016.
4 Page 4 of Financing: It is possible for a household or business to borrow the money and pay the same or less in loan payments than they currently pay for electricity. Financing can be arranged through the bank of your choice, or through Green Mountain Credit Union (Matt Wilson at ) or Vermont Employees Credit Union s VGreen program ( ). Both have specific programs for this type of project and can be secured by the panels, thus avoiding any additional burdens on any home equity. By our calculations, if one borrows between 50 and 70% of the cost (30% is paid through the federal tax credit, leaving you to advance the unfinanced portion), then the new interest and principal payments on the loan are similar to the solar credit value. Once the loan is paid, then your credits continue. This is a way of paying little or no money out and still going solar. 4. Your Savings: Come in the form of a monthly credit to your utility bill (GMP customer) or a check (all customers of utilities other than GMP). 5. GMP Credit Elements: For the first ten years the amount of your credit is calculated by taking the kwhs produced by your panels times the GMP Rate #1 ( cents/kwh as of October 1, 2015) plus the VT Solar Adder solar incentive (4.3 cents/kwh) plus (if you are a GMP Rate #1 residential customer) the efficiency charge of 1.17 cents per kwh. Ten years after the farm is connected to GMPs grid, the Solar Adder ceases and the credit value is equal to the kwhs produced times only the then GMP Rate #1 plus the efficiency charge (if you are a GMP customer) for each monthly bill. This Rate #1 is proposed by GMP and authorized by the VT Public Service Board. The risk that the GMP Rate #1 would go down exists, but if that happened that would strand GMP assets and contracts. The likelihood of GMP s Rate #1 increasing depends on the markets for electricity in New England and costs of future generation capacity of GMP. This is a risk factor. 6. Future GMP Rates: Our research indicates that the GMP Rate #1, on which your credit value is dependent, will likely rise at 2.5% per year. Our basis is that GMP s rate increases have averaged 2.5% per year over the last ten years. If one assumes that GMP rates do not increase, then your life of project return declines by approximately 2% and payback increases by one year. In our calculations of your economics, the GMP Rate #1 increase of 2.5% per year starts in All solar farm fields have annual decreases in kwh output this is industry standard. Our panel manufacturers warrant theirs at 80% to 82.5% of rated capacity after 25-years, a.7% to.6% decline per year depending on manufacturer. Since the GMP rate is expected to climb faster
5 Page 5 of 16 than the panels output degradation rate, your savings increase each year. Our cash flow estimate disclosure shows these elements. 8. During a particular year, your credit will be greater in summer and lower in winter, averaging out over the year. The billing system that accounts for this is what is called net metering. 9. Our business model: We sell electric credits from panels we own in the farm to pay for maintenance of the field. We purchase and own a minimum of 30% of the panels. Additionally, we secure funding for inverter replacements required in year 15. You pay only once. Our ownership of panels in the farm create an incentive for us to be sure that the field operates as expected. 10. After 30 years. Your initial lease expires, at which time you can choose to take your panels back we ll take them off of the racks for you to pick up, or, since our land lessors have granted us two 15 year extension options (subject to favorable economics for us), you may elect to join in any lease extension. Should we extend the lease (we plan on doing this as the project will be all set up and the panels will still be functioning at at least 80% of their nameplate capacity), we expect that your cost to re-up in 2046 will be your share of the cost to replace the inverters a second time plus some to-be-understood cost of operations that factors in any new realities such as GMP s pay rate, land costs, state fees/taxes and panel & inverter technology. 11. No changes happen at your home or business: Your physical connection to your electric utility s grid is not touched. Electricity produced at the field passes through a meter at the solar farm, and your percent of the field s electricity is allocated to either your GMP account or the GMP account of our partner organization. While you may or may not use your panels actual solarproduced electrons as they are mixed into the grid, you will get your share of the credits earned by those electrons assigned to your account or paid to you as a check as is the case if you are not a GMP customer - your credits are assigned to our corporate partners account and 90% of that value is paid monthly to you. 12. GMP Account Holder Changes: GMP account holders will become members of a new net meter group with a new billing cycle and all usage history prior to joining the new group will not be shown. Your GMP account number will not change. 13. Buy-in terms: 10% to reserve your panels, 40% on start of construction and remaining 50% on commissioning. Terms may vary with your financing arrangements and/or the timing relationship between your purchase and a farm s commissioning date. Our next farm, Waterford
6 Page 6 of 16 is scheduled to start construction spring Our contractor will be DC Energy Innovations, Inc., Burlington, VT. Completion is set before June 30, 2016 to ensure you have option to take the federal tax credit with any 2016 tax return. 14. We offer a buyout option at a sliding scale reflecting fair market value twice a year. You will see an estimate of this value on your quote and as Exhibit A, page 2 in your license. Alternatively to a buy-out, you may transfer or sell your panels and license to anyone else in the GMP service territory at any time during the 30-year term. We make no representation as to the availability of buyers of your panels other than us. Common questions 1 What does it cost? For every $1,000 of solar panels you purchase and place at one of our farms, you get about $62/year of credits against your GMP electric utility bill for 30 years. Buying panels through Green Mountain Community Solar costs about the same as if you placed panels on your house or in your backyard and eliminates the permits, possible shading/aesthetics issues, and maintenance. Let us know your average monthly bill and we ll give you a custom quote that shows year by year your savings and the actual costs. Are we competitive? Yes, our prices are $4.00/watt before the ITC. Industry quotes prices on a dollar for each watt installed after your investment tax credit (ITC) is taken. Our post-itc price is $2.80/watt (DC). Our research into our Community Solar competitors rates shows they range from $4.00/watt (DC) to $2.22/watt (DC) after ITC. To give a fair comparison, be sure to fully understand the relationship you d be entering and request detailed cash flow forecasts of vendors to accurately compare prices. Does the competitive quote offer a buy out? And, if you are looking at placing panels at your home or business, know that every home installation price will vary depending on your roof, your yard and the productivity of your particular site may vary from the closer-to-ideal siting at our solar farms. 2 Do I own the panels? Do I get a state rebate? Does my purchase qualify for the federal investment tax credit? What about Renewable Energy Credits? Yes you own the panels. Your ownership entitles you, by law, to take the federal tax credit secured by filing form 5695 (or form 3468 if you are a business). You may well be able to take an additional investment tax credit at the state level. You should investigate this independently with your tax adviser. There are no VT or other state rebates of which we are aware in which off-site group solar farm panel ownership would qualify. By default, we retain the renewable energy credits (RECs) associated with our solar farms unless directed by you to have them retired, in which case we must charge you a 20% premium on your panel price.
7 Page 7 of 16 Your solar panels are expected to generate renewable energy credits separate and distinct from net metering credits ( RECs ). Unless you choose to retire the RECs produced by your solar panels, technically, according to the FTC, you are not buying solar power, nor buying renewable energy, the owner is simply buying solar panels and lowering utility bills through emissions-free solar generation. You will have the option when entering our license agreement, to request to purchase from or have GMCS retire RECs associated with owners panels electric production. This option is priced at 20% of owners panel purchase price. Absent an election by the owner, all RECs produced by owner s panels will belong to, and may be sold by, developer. 3 Does solar make financial sense? By our calculations, at current pricing, the value of the credits you earn from your panels and license would return the same as if an institution similar to a bank paid you 9% each year on your net (after ITC) cost. If energy prices increase faster than the 2.5% per year we ve assumed (after 2017), your returns may be higher and payback shorter. If you are not a GMP customer, your returns are about 15% lower. 4 What if I move? Move to a new GMP territory house and you ll get a new GMP account number and we ll direct GMP to credit your new account. Or, if you move out of GMP territory you have four options: 1) we ll buy you out at fair market value in either May or December at prices identified on Exhibit A, page 2 of your license agreement; 2) you can sell to another GMP account holder; 3) you can elect to receive a check for 90% of your credits value that we would assign to our corporate partners or; 4) you can donate your share to a non-profit located in GMP s service area. 5 Can I sell my panels and license and assign credits to someone else? Yes, your panels and license are yours to do with as you choose. If you sell, you d let us know who the new owners are and we can make arrangements for the shift of credits to that person s GMP account or arrange for a direct check to be sent to them. Sale or transfer of their panels before five years may trigger recapture of any federal tax credit claimed 6 What type of panels and inverters will you use? Panels and inverters will be made by tier 1 manufacturers. We cannot promise the exact panels or manufacturers as our installer shops for the best price/quality mix at the time of installation. Our first installations have used Fronius & SMA inverters and Canadian Solar in Groton (260 watt and 310 watt) and Hanwha Q in Chester (265 watt) polycrystalline panels. We expect 315 watt panels at Waterford. 7 I live in an apartment/condo, will Green Mountain Community Solar work for me?
8 Page 8 of 16 Yes, our approach works well for any home owner or tenant and is especially attractive for people who, due to their living situation, have been prevented from owning solar in the past. 8 What happens if I die? Your panels are like any other asset and can be willed to your heirs. Your license can be assigned to a relative's GMP account or you can donate it to any other GMP customer s account including charities. If you are not a GMP customer, then your monthly check associated with your license will be sent where you designate. 9 What happens if I no longer want to be part of Green Mountain Community Solar? We agree to buy back your panels at fair market value anytime. In your contract you will be given the expected buyback price for future years. See note above on implications of sale timing. 10 What happens to my panels, license and credits if you go out of business? The project assets (your panels, the wiring, the racks) are insured and will continue to produce electricity and credits for your account regardless of our business s status. Your security is that the credits from our ownership of a minimum 30% of the farm s panels can be secured by the licensees and used to fund ongoing business administration should we default. These items are specified in your license agreement. 11 How can I see how much electricity my share is producing each month? Our solar farms production is available to you through: 1) GMP s website; 2) our inverter manufacturer s website; 3) our website; and 4) through applications available for free download to other communication devices (aka your cellphone or tablet). We also deliver, by , monthly reports. 12 Results
9 Page 9 of 16 These results are placed here to give you a sense of how our solar farms have performed against predictions. Red (lighter colored) lines indicate predicted kwhs for the geographic location of eache array and its particular characteristics angle of the panels, orientation south, seasonable adjustable (Chester), and the particular DC to AC ratio of (1.21 Groton and 1.38 Chester). Data source for the predicted output is NREL in Golden, Colorado. NREL uses 10 year historical weather data, and in our case, that of Knapp Airport in Montpelier and Springfield VT airport, approximately 20 miles from each array. Groton Timberworks is 1 mile east of Groton Tannery Brook and uses the same predictions and panel orientation and has similar solar exposure. We know that weather does change from predicted norms, so the fact that the project is ahead of estimate now does not mean that it will stay that way.
10 Page 10 of GMP Billing Example
11 Page 11 of 16 GMP Customer (Page 1 of 2) 1. Solar savings objective is $600 per year. 2. Customer takes tax credit in following year. 3. Investment in 2016, savings start July 2016.
12 Page 12 of 16 GMP Customer (Page 2 of 2) 1. Solar savings objective is $600 per year. 2. Customer takes tax credit in following year. 3. Investment in 2016, savings start July 2016.
13 Page 13 of 16 Non-GMP Customer (Page 1 of 3) 1. Solar savings objective is $600 per year. 2. Customer takes tax credit in following year. 3. Investment in 2016, savings start July 2016.
14 Page 14 of 16 Non-GMP Customer (Page 2 of 3) 1. Solar savings objective is $600 per year. 2. Customer takes tax credit in following year. 3. Investment in 2016, savings start July 2016.
15 Page 15 of 16 Non-GMP Customer (Page 3 of 3)
16 Page 16 of 16 Example of a Financed Purchase GMP Customer Example of a Finance Purchase non-gmp Customer
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