The City of Monona, in south-central Wisconsin, is the first to take advantage of Solar Connections’ Solar Services Agreement, which will yield 10’s of thousands of dollars in reduced operational expense for the City in the first several years of this program. After year 6, the City has the option to buy out the assets at a depreciated value, and own 100% of the system for the remaining 19 years of the equipment’s 25 year warranty.
Monona sees this as the least expensive way to go beyond energy efficiency and actually make positive progress toward their 25 by 2025 Energy Independence sustainability goal.
We helped the City of Monona find a tax sponsor and narrow down the solar sites to 4 ideal roofs owned by the City. We put 24 kW on City Hall, 47 kW on the Library, 56 kW on the Public Works garage, and another 21 kW on the Well 3 pump station roof. All together, these sites generate enough electricity to offset about 10% of all the City’s electricity use in a year, or about the equivalent of 18 homes’ worth of electricity per year.
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.
Check out the photo Gallery for the City of Monona projects.
Public Works Garage