Investment & Attraction
Tourism & Economic
We will be receiving approximately $220,715 (or 25% of the total cost) in capital grants to pay for the Town’s upfront contribution and we will finance the remaining $662,141 over the next 15 years from Enmax. We anticipate that our finance payments will be offset by our reduced electrical expenses so the overall investment should be cash neutral or no additional expenses to the Town to pay for the Enmax Finance Systems. After the lease payments are paid in full, we anticipate that we will generate revenue from the solar production throughout the remainder of the panels estimated 30 year life cycle. Enmax will handle the maintenance on the panels under their warranty during the 15 year finance agreement.
Market forecasts show that pool price for electricity will increase in the coming years as a result of many external factors, such as provincial/federal policies to close coal power plants early and increased carbon tax levys $15-$50 etc. What this means is that if the Town did not get into electrical generation, we would be paying more and more for our power with no means of mitigating our expenses. But because we are going to be generating power, we will have a fixed expense for our electricity for up to the next 40 years that won’t fluctuate with the market and we will be able to sell our excess power back into the grid at the ever increasing electrical pool price and generate a new revenue stream for the Town. To help increase our potential revenues, we are beginning to retrofit all our municipal facilities with LED fixtures, consider heating our facilities with electricity instead of gas to reduce our existing load consumption.
We are also considering a residential solar program with Enmax where residents can take advantage of the provincial solar funding and Enmax’s finance program but are awaiting further details of what this entails and what would be expected.
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Tourism & Economic Development
Sugar City Development Corporation
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