Lumberton Township Public Schools Capital Systems / Maintenance and Solar Energy Program December 2008
BOBBY'S RUN E.S. & LUMBERTON M.S.
Lumberton Public Schools • Total Cost of all projects: $14,996,439 • Including solar energy systems of $10,800,000 • Includes work at all four district schools: • Ashbrook Elementary: $3,733,629 • Bobby’ Run Elementary: $3,243,492 • F.L. Walther Elementary: $4,405,916 • Lumberton Middle School: $3,613,402 • State Pays 42.52% of total project costs $6,375,825 • Local share: $8,620,614 • Solar Savings: Utility savings per year $ 288,472 SRECs per year $ 603,168 Total/year$ 891,640
5.9 cent tax increase Per home per year. = Usual Method: 100% Costs to the Homeowner Allocation in annual budget without eligible NJDOE Debt Service Aid Required Maintenance $ 4,196,439 in next five years. Cost of Long Range Facility (LRFP) Systems included in referendum (not including Solar) Required Maintenance $ 839,288 per year.
Solar Energy Similar Solar Projects in New Jersey School Districts: Toms River Public Schools: Active
Similar Solar Projects in New Jersey School Districts: Toms River Public Schools: Active
Benefits of Photovoltaic Systems: • Financial • Reduction of annual electric/utility operating costs. • Revenue producing on an annual basis: • Solar Renewable Energy Credits (SREC’s) • 1 MWh of generated solar power equals an SREC. The SREC can then be traded or sold for a range of $300 to $550. • Environmental • Reduction of the District’s Carbon Footprint through reduction in fossil fuel consumption. • Educational • Demonstrates to students, staff and public benefits of renewable energy through technology and financial savings. • Develop curriculum of technologies utilized.
Clean Renewable Energy Bonds • Created as part of the Energy Policy Act of 2005. • CREB’s are “tax credit bonds” in which interest is paid • for by the Federal Government in the form of tax credits. • Permits school districts to issue zero interest rate bonds by • providing a tax credit to the bondholder instead of the • school district paying interest. • School District still entitled to debt service aid. • Have to apply to program.