City Council approves funding for solar panels on City buildings

At last night's Council meeting, the City Council approved the financing package for selling Clean and Renewable Energy Bonds (CREBs), which is essentially an IRS-qualified loan at 0% interest with a 16-year payback to be used to install photovoltaic power systems on four City facilities. The bond amount is $1.1 million and will be used exclusively to purchase and install solar power on these buildings: Police Station, Fire Station, Corporation Yard and the Norrbom Water Tank. It is estimated that over 27 years, the installation of the solar power systems will save the City $1,125,000 in avoided electricity costs.