BERKELEY, Calif.-Cooperative Center Federal Credit Union is reaping big benefits from its installation of a 29.7 kilowatt DC photovoltaic solar system earlier this year.
Or rather, a small benefit-as in a near-microscopic electricity bill.
"I am pretty excited with what has happened since we installed the system in May," said Gary Bell, president and CEO of the $89.8-million CU. "Our normal electricity bill in the summer is approximately $2,300, and in the winter it is $1,700 to $1,800, but since we came off the grid we have not had a bill over $50."
Local vendor Sun Light & Power placed 108 Suntech 275 solar panels on the roof of the credit union's headquarters in February and March. The system is expected to produce at least 42,028 kilowatt hours per year, which the company said is enough to power four homes.
CCFCU paid $150,000 for installation, but received a 30% credit on that amount through a California energy rebate program. Bell noted there are federal solar rebates available in certain circumstances, but the credit union was not eligible for those because it is a federally insured, non-profit organization.
Earlier this year, Bell had said CCFCU had calculated its ROI from the solar system and expected the utility bill to decline 65% to 75% each month. The projection was the system would be profitable in seven to eight years.
"Now we are thinking it might be a faster payoff than seven years," he said recently. "We are excited and our members are very happy we are off the grid, which is part of our mission to be environmentally responsible. We are working on getting more solar loans to our members to get them to do the same thing. We wanted to be an example."
One element that still is unknown is if Cooperative Center actually will have a credit for contributing more electricity to the grid than it took off during the summer months. Bell said its utility company, PG&E [Pacific Gas & Electric], will make that determination at the end of the year.
"Now that the days are getting shorter and there are fewer hours of sunlight we are anticipating we might have a slightly larger bill, but not that much," Bell assessed. "We had a robust summer, with little overcast, so we did well. In the winter months, with shorter days and more clouds we might not get as much benefit."
The credit union offers other environmental initiatives, including its Green Awards checking account that pays 3.01% interest and refunds ATM fees to the member's account.
