EKPC selling solar farm licenses
Published 2:51 pm Tuesday, November 29, 2016
After receiving approval from the state Public Service Commission, East Kentucky Power Cooperative will begin offering licenses for its new Clark County solar farm in 2017.
The facility, which was announced in July, will involve 32,300 solar panels on 60 acres on EKPC property along Interstate 64 in Clark County. According to the EKPC, construction will begin in the spring and it should start generating energy later next year.
The utility announced Monday that customers will be able to buy licenses in the solar farm, entitling the holder to a bill credit for 25 years, based on the value and energy generated by their licensed share of the solar farm. There is a one-time license cost of $460 per panel.
“For electric co-op members who are interested in harnessing renewable energy for their home or business, Cooperative Solar is the easy, affordable option,” EKPC President Anthony Campbell said in a statement.
The Kentucky PSC must still approve tariffs on the licenses and sales could begin within months.
The solar facility is expected to cost $17.7 million to construct. EKPC said it will issue New Clean Renewable Energy bonds to finance the project, which will allow EKPC to receive federal incentives to cover most of the interest on the bonds.
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