City Market is Powered by the Sun
Solar Project Stats
Our 136 roof-top panels from groSolar of White River Junction provide 31.28kw. This solar-generated electricity produces the equivalent of over 3% of the Co-op’s energy needs or enough electricity to power over six Burlington homes.
We’re hoping to partner with Burlington Electric to sell directly back to the grid at a premium to further enhance the payback to our store; a first of its kind “Feed in Tariff” for Burlington Electric.
The solar project rang in at a cost of $187,912 total, but that’s not what the Co-op has to pay. The Vermont Clean Energy Development Fund awarded us a $53,900 grant. These grant funds come from the American Recovery and Reinvestment Act. City Market’s application for the grant was one of only a handful approved in the State of Vermont. In addition to the grant, the Co-op receives a $40,204 federal tax credit (30% of our investment in the project.) This has brought our out-of-pocket costs for the project to $93,808.
While our hearts may tell us that investing in solar is the right thing to do, our solar project also makes solid business sense. With a return on investment of over 13% and a payback of less than five years, this is a sure bet and a hedge against electric rate inflation.