Quick-Take: How Much Are Consumers Saving on Power Bills with SunVest?
Erin Curran | SunVest Policy Team
Of the many notable benefits community solar energy projects bring to host communities, we at SunVest are particularly excited to share the substantial cost savings our projects offer subscribers. Generally speaking, industry standards can range anywhere from 5-20% annual savings on energy bills, but what does this look like in real dollars?
The SunVest solar projects currently in operation are expected to save subscribers over $140,000 in the first full year. These same arrays are projected to save over $2.8 million over the 25 years the projects can operate as a community solar garden.
We asked our financial team to forecast cost savings across our existing portfolio in our four largest markets – Illinois, Minnesota, Maine, and New Mexico. These numbers are highlighted below:
The favorable policy landscape for community solar in Illinois chartered a path for a robust pipeline of 19 total projects, with 3 already operational across the state. With an additional 3 projects soon to begin operation, our savings are projected to meet a staggering $1,055,176 in the first year of operations alone. We have additional projects in the pipeline to begin construction in 2024, which will lead to even more savings for Illinois ratepayers.
A first mover in the Pine Tree State, SunVest continues to develop critical community solar projects in the state of Maine. Across our portfolio, our team has forecasted savings of close to $16 million dollars for ratepayers over the lifetime of our projects.
Despite legislative changes to its community solar program, Minnesota remains a critical market for our development team. We are projecting 25 year bill savings for subscribers of our projects to hit over $3 million. Our first operating facility independently has generated over $11,000 in its first year online.
We are pleased to have secured awards for over 30 MW of capacity in the most recent community solar RFP alongside our local partners Osceola Energy in New Mexico.
SunVest has committed to providing even greater savings to low-income customers under our bid package. These projects will provide a discount of nearly 30 percent for low-income subscribers, which can be substantial savings for a family with a high energy burden.
Saving money for vulnerable communities is one major benefit of community solar, and state and federal programs are likely to increase the importance of CS within these populations. SunVest is excited to help engage in these programs over the coming years and bring the benefits of solar to everyone!
The results are impressive, and we’re just getting started. SunVest is on track to expand our operating project portfolio from 4 to 12 within the next 12 months, and an additional 9 over the following year.
At SunVest, our market knowledge, innovative development strategies and financing expertise allow for our targeted approach to building successful community solar projects nationwide. In subscribing to our community solar projects, homeowners, non-profit organizations, and businesses can enjoy long term savings on utility bills, avoid upfront payments, and participate directly in the energy transition.
For additional insights on how community solar operates and the outstanding benefits it can bring to your community, check out our additional blog posts: