Manufacturer Solectria has provided inverters for a 1.2MW solar PV installation by US-based SolarOne Financial in Florida.
Solectria’s PVI 60-95kW inverters will be used for an installation at the 26 year old Fleamasters Market in Fort Myers. The market is a 900,000 square foot retail sale property incorporating 1,000 retailers, with energy bills reaching on average US$300,000.
SolarOne claims that since the system has been turned on, it has reduced actual energy usage by nearly 90%.
Over the next 30 years the nearly 4000 modules will generate a forecasted US$16 million dollars in net electric savings, said SolarOne.
“During our initial evaluation we confirmed our payment of over US$7.5 million to our local utility in our first 26 years of business. By retaining these additional dollars the value of our family business will increase over US$1 million in just the first year. It was nearly the equivalent of increasing our business by 10% without the investment in expanding buildings and the related future costs of maintaining those buildings” said Andy Steele, Owner, Fleamasters Fleamarket.
“SolarOne Financial, LLC has created a unique financing model to assist commercial businesses, such as Fleamasters, to take advantage of solar, save electricity costs and benefit from federal tax credits and bonus depreciation,” said Steele.
“We were able to carry back and recapture Federal taxes paid in the prior two years, by check, from the Internal Revenue Service. Plus using MACRS depreciation and the remaining Investment Tax Credit (ITC) we will carry forward to offset our forecasted Federal and State taxes for the next 3-4 years. Without SolarOne’s 3.99% APR BRIDGE financing and support throughout the project, it wouldn’t have turned out as successful as it did,” concluded Steele.
Annually, Fleamasters Market is expected to generate 1,680,000 kWh which is equivalent to removing 1125.6 tons of CO2, removing 136 cars, 116,041 gallons of gas, planting 840 trees or powering 14,383 light bulbs annually.
“Fleamasters sets an example for other commercial businesses to take advantage of the available Federal tax credits and accelerated depreciation while saving money and improving the environment,” said Doug Griffin, CEO, SolarOne Financial, LLC.
SolarOne has promised an investment of US$50 million in commercial and residential solar leasing and financing in 2013.