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Cumberland council votes to buy existing solar field, authorize phase 2 expansion with Revision Energy
Summary
The council unanimously approved buying the towns Phase 1 solar array and authorized Revision Energy to build and sell a Phase 2 expansion. Officials said an outright purchase captures a 30% safe-harbor tax benefit, shortens the payback to roughly six years and yields annual avoided electricity costs and renewable-energy credits.
At its Aug. 25 meeting, the Cumberland Town Council voted unanimously to purchase the existing Phase 1 solar array on Drowne Road and to authorize Revision Energy to proceed with a Phase 2 expansion and sale to the town.
Town Manager Matt Sturgis told the council the existing array "generates 638,900 kilowatt hours per year, with an annual credit of about a $129,185" that currently offsets town electricity costs. Sturgis and Revision Energy described two financing options: an outright cash purchase of the existing array and construction/ownership of the Phase 2 expansion, or borrowing (a five-year bond-like loan) to spread costs.
The financial picture presented to council Revision Energy and town finance staff provided the numbers the council used in its decision. The purchase price estimate for the existing Phase 1 array was roughly $670,000$700,000 depending on the payoff date; the Phase 2 construction cost was estimated…
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