Secure Futures and the University of Richmond have reached an agreement to install a 204 kW solar photovoltaic system on the roof of the campus’s Weinstein Recreation and Wellness Center. The agreement will be the first of its kind under the Power Purchase Agreement Pilot Program signed onto law in 2013.
Once complete, the 204-kilowatt solar PV array will allow the university to have the capacity to generate more than 226,000 kilowatt-hours of electricity per year, potentially offsetting the emission of more than 344,000 pounds of carbon dioxide/yr. That is equivalent to the average annual electricity use of 21.5 American homes, or the annual electricity needs for one campus residence hall.
Secure Futures will finance, own, operate and maintain the system under a PPA. The University of Richmond will purchase the electricity generated by the system at a fixed rate, allowing the University to reduce their utility expenses.
The installation is expected to begin in July 2015, and the panels will begin generating electricity for the university before students arrive back to campus for the 2015 school year.
The University signed the American Colleges and Universities President’s Climate Commitment with the goal of achieving a 30 percent reduction in carbon emissions by 2020, and complete carbon neutrality by 2050. Once installed, the highly visible solar array will represent another step towards the University’s goal.
You can read the press release issued by the University of Richmond here.