Union Cab of Madison Cooperative is worker owned and operated. They added solar to their mechanics shop in 2012, and have since talked about expanding that 5 kilowatts to power their operations on their main administration building, at 2458 Pennsylvania Avenue, on the east side of Madison.
The main administration building has several exterior light fixtures which are connected to their MG&E electric metered connection. These present a unique opportunity to blend a solar project with the updating of these exterior light fixtures to use LED technology and save more energy than the solar project alone would save this business.
The current proposal involves adding nearly 20 kW (20,000 Watts) of AC (alternating current) solar capacity which should generate approximately 25,000 kWh (kilowatt-hours) of electricity for Union Cab to use, along with the implementation of several new LED lighting fixtures, which should save another 4,000+ kWh of electricity in the first year.
The solar equipment will be on a 25-year warrantied timeline, and the LED lighting on a 15-year life expectancy, with at least a 5 year warranty for that technology.
Slice-of-Sun Solar Bonds
Legacy Solar Co-op is now selling Slice-of-Sun Solar Bonds to any member who would like to support a Solar Legacy project and earn between 3% and 5% interest on their bonds purchased through the co-op.
These bonds help secure the solar project and can either be cashed in after 7 years, rolled-over into a Legacy term (25-years), or can be donated at any time as a tax-deductible donation to a participating non-profit host site for a solar project. For example, a local church is currently enjoying a portion of the energy savings (over $3,000 a year), but the more bonds the Church owns, the more energy savings they get to keep for their own parish’s budget. Everybody saves and earns and benefits from the good that is being done thanks to the solar project.
You can buy Slice-of-Sun Solar Bonds that earn interest for as little as $250. Or you can sponsor as many full solar panels as you’d like for $500 each. Sponsorship can be direct donations to a participating non-profit or through the purchase of bonds that are then gifted to the non-profit of your choosing.
The two rules for purchasing a solar bond
You must be:
- A member of the Legacy Solar Cooperative, and
- A Wisconsin resident.
These are required to comply with State and Federal Statutes governing this type of business transaction. Becoming an equity member of the Legacy Solar Co-op means you are an owner of the Co-op, and qualify to buy bonds issued by the Co-op to serve the Co-op’s business interests. These interests lie in developing more and more solar projects to serve our members and share in the energy and environmental savings that come with solar and energy efficiency.
Ready to get started?
You will find more information and instructions. If you have any questions at all, please contact us.