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This post was written by ReVision’s EV Analyst Chuck Hayward on his one-year “Solarversary” with a Community Solar Farm share.
Part of the strategy to “electrify everything” is the use of solar panels. I own a ReVision Energy Community Solar Farm share. I just got the utility bill that completed my first year as a member, so I figured it’d be fun to look back at how it compares to the estimates I got in my original sales proposal.
Estimated annual production was 11,374 kWh. Actual production was 11,175. That’s 98.5%. Impressively accurate! My annual electricity cost to offset was $2,380 at the time of the proposal. In the first year with my solar farm, I saved $2,436! That’s 102.4%. Again, impressively accurate.
Some solar companies like to overpromise to help make a sale. But ReVision Energy’s accurate estimates are trustworthy thanks to (1) superior design and (2) transparency and honesty throughout the sales process (thanks Mike Sweeney and Chris Bitely). And none of this would be possible without the excellent work of the installation and service crews throughout the process, too.
With ReVision’s ownership model, you own your share in the solar farm, just like you can own rooftop panels. That means you take out a loan or pay cash upfront to buy the share of the farm, but you get 30% tax credit back. (Thanks to the Inflation Reduction Act this was up from the 26% I was expecting when I signed up.)
When you own the solar, you get 100% savings for every kWh produced – not a 15% discount like many other subscription-based solar farms offer.
With the tax credit and the production I’m seeing, I’m on track to reach 100% payback of my investment in 7 years, maybe sooner if utility rates keep increasing faster than expected. Although historically prices have grown 3.4% per year, they were up 22% that first year! Solar insulates you from cost increases since the price you pay is essentially locked in when you purchase it. Payback is less than 10 years for most homes, depending on the annual demand you’re looking to offset. After it’s paid back, I’ll get 20-25 years of solar electricity basically for free!
Will a Community Solar Farm share work for you? We currently have openings for CMP customers in Maine – sign up here.