The cost of installing solar power is at a record low. Solar delivers clean, sustainable energy for less, and schools across New Mexico are leading the way.
Financing of solar projects for schools can take many forms, including a power purchase agreement (PPA), where a third-party owns and operates the system and passes on the savings.
Rio Rancho Public Schools executed a PPA that saves the district approximately $700,000 per year in utility costs.
Santa Fe Community College was among the first campuses in the nation to adopt a sustainability plan. Solar installations and energy efficiency implementation saved the college approximately 40% in energy costs in 2016.
Nonprofit K-12 schools and higher education institutions are also eligible for tax-exempt bonds, which can be used for low-cost financing of energy efficiency projects. More information is available from the Office of Renewable Energy and Energy Efficiency.
The City of Albuquerque used bonds to finance twenty-five million dollars of solar projects for city buildings.
Schools across the state are already realizing savings.