January 11th @ 5:30
Stowe Electric is in the final phases of the permitting process for the Nebraska Valley Solar Farm. The Electric Department needs a final approval from Stowe voters for the financing of the project which will be paid for through revenues of the Department, not through property taxes. There will be an Informational Meeting on January 11th at 5:30 pm in the Akeley Building where SED staff will describe the project and answer any questions the public may have. That will be followed by a Town vote on January 19th at the Akeley Building from 7 am – 7 pm.
In short, this is the most cost-effective way for Stowe Electric to source renewable energy as required by the new State Renewable Energy Standard (Act 56, 2015) and avoid paying penalties to the State.
1. After accounting for the capital costs and interest, the project will provide a total savings of approximately $2,000,000 which will help to stabilize electric rates.
2. The Town will receive $550,000 in lease payments for use of the 6 acre property.
3. The 1 megawatt Nebraska Valley Solar Farm, built in Stowe and owned by the Electric Department, will offset $4,150,000 in energy and related costs over the life of the project.
4. The energy produced by the Farm will help avoid $2,617,000 in penalty payments that the Electric Department would instead have to pay to the State.
5. We have been approved for a Federal Clean Renewable Energy Bond (CREB) subsidy which will save $1,400,000 in interest payments. We have to have all permits in place before we can issue the bonds on February 2nd which is why we are holding the vote on January 19th.
We hope to see you at the Informational Meeting on the 11th at 5:30 in the Akeley Building, but you can also stop by the office or give us a call if you have any questions at (802) 253-7215.
And please come out and vote on January 19th from 7am – 7pm at the Akeley Building.
You can also read more on the project on the Stowe Reporter website: http://www.stowetoday.com/stowe_reporter/news/local_news/briefings-set-on-solar-plans/articl[...]tml
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