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Madison outlines timeline and financing plans for MRC solar carport project
Summary
Council heard a construction progress update on the MRC solar carport and a finance briefing: the $2.0 million project has most structural work complete, with solar panels expected to be installed imminently; projected state SREC revenues could cover a large share and a potential federal direct-pay of $400,000–$500,000 remains uncertain.
Madison officials said the MRC solar carport is nearing substantial completion and outlined how state and federal incentives will fund most of the project.
Project manager Jim told the council that the primary structure and piers are in place and that solar panels were expected to start going up the day after the update, with substantial completion anticipated in about 25 days. He said underground wiring will run to a disconnect near the snack hut and the contractor will finish on-site electrical connections.
The council focused discussion on financing. Jim described the funding picture: total project cost roughly $2,000,000; state solar renewable energy certificate (SREC) revenue is estimated at about $1,500,000 over 15 years (roughly $100,000 per year) and could cover the majority of the cost. He also said the borough is pursuing a federal “direct pay” reimbursement that could be in the $400,000–$500,000 range, but acknowledged uncertainty about the program’s continued availability and that the borough is engaging consultants to ensure accurate filing.
Council members asked about lessons learned for future municipal solar projects and about how to handle SREC receipts. In response, Jim emphasized better geotechnical and bid-specification integration up front and recommended placing SREC proceeds into a sustainability reserve within the electric utility to fund future capital needs. Utilities and finance representatives noted that if direct pay is approved, it would substantially reduce or eliminate the borough’s capital contribution; if not, SREC revenues and existing electric capital planning would be used.
Mayor Robert H. Conley said the council expects a more detailed financing plan before final acceptance and that staff will return with options for reserving SREC revenue and sequencing electric capital work.
The council did not take a formal vote on financing at the meeting; the update concluded with questions answered and a commitment to keep the project on the stated schedule.
