This post will answer some of the most common questions about Westar Energy Community Solar (formerly known as Sungevity Solar). It will give you an understanding of what makes this program unique and special, as well as how you can become a part of it. So, let’s get started.
Is It True That You Can Own Part Of A Solar Farm?
Yes, Westar Energy Community Solar is a community-based solar power (Solar Farm) program that allows home and business owners to directly invest in solar energy without the need for an equity partner. In return, you agree to pay back the loan plus a small profit (the ‘spread’) over the course of the solar farm’s 15-year lifespan. You also retain full ownership of the project, as well as the right to live there for as long as you want. A great benefit of this program is its ability to provide attractive tax incentives that reduce your taxable income.
How Do You Get Paid For Your Participation?
Upon completion of your solar project, you will be paid directly by Westar Energy for your participation in the program. You will either receive a payment equal to the amount you have invested (up to a maximum of $200), or you will be paid a monthly royalty based on the amount of electricity your solar array produces (up to a maximum of $500 per month). This is very comparable to the pricing of a standard commercial solar power contract.
How Many People Are On The Roll-Call For Westar Energy?
Westar Energy Community Solar currently has more than 10,000 people registered and lined up to participate in the program. This number is expected to grow as more and more people learn about this groundbreaking program.
How Do You Calculate The ROI Of A Solar Farm Project?
The return on investment (ROI) of a solar farm project is typically measured by taking into consideration the cost of capital (i.e., loans or investments) and the expected financial returns (e.g., sales of power or equity shares). For example, a solar farm that finances itself with a $10,000 investment would have an ROI of $10,000 (10,000 x 1.2 = 12,000), which indicates a 2,000% return on investment. Essentially, the money you put in is just twice as much as what you get back (i.e., your investment). In some cases, you can even get a tax deduction for the amount you invested!
What Is The Difference Between Net Metering And Community Solar?
Net metering allows electric utilities to feed power back into the grid. This is done through a purchase agreement where you agree to pay for power your home/business consumes above a certain threshold (e.g., the amount of power you consume during the month) through a special meter that tracks the power you send versus the power you consume. With net metering, you don’t get a return on your investment like you do with community solar; however, you still retain ownership of the solar system. The key difference between these two types of programs is that with net metering, you generally must agree to purchase all of the power your home/business consumes at a fixed rate (e.g., 10 cents per kilowatt hour).
Can I Build A Small Solar Farm For My Home?
Yes, you can definitely build a small solar farm for your home. The process is relatively simple and can be customized to fit any home or business. You will need to secure permission from your electric utility to connect the panel to the grid, as well as ensure that the array’s capacity is sufficient to power your home or small business.
What Are The Most Popular Financing Options For Westar Energy?
To date, Westar Energy has provided loans (residential & commercial) for over 500 homes and small businesses across the U.S. In general, the company prefers to work with a creditworthy client who is able to commit to semi-annual payments. Additional details can be found on their website.
Are You Ready To Join The Westar Energy Community Solar Revolution?
You can find out more about Westar Energy Community Solar by visiting the company’s website or reaching out to them directly at [email protected].