The Florida Keys Electric Cooperative is giving its customers a chance to go solar without the hassle of buying, installing or maintaining their own photovoltaic systems.
The cooperative already has 552 of the PV panels operating in Marathon, and another 120 on Crawl Key. And now the cooperative is offering its members a chance to lease one of those existing panels for $999 each.
A traditional residential photovoltaic installation runs $10,000 or more, and the cooperative is hoping some of its eco-minded members will be attracted to the more affordable adopt-a-panel program, officially dubbed Simple Solar.
The money the cooperative raises through the lease program will be used to explore other energy sources — more solar, perhaps, or wind or water turbines.
Chief Executive Officer Scott Newberry’s hook is that over the course of the next 25 years, customers will get a monthly credit — about $3 per panel now — for the full retail value of the electricity their panel generates. And with good odds that electricity costs will increase at least the 3 percent a year that Newberry estimates, customers could see a $1,280 return in that time.
“This program was designed for environmentally-conscious individuals who want an easy, affordable alternative to installing their own renewable energy source,” Newberry says. “By leasing our panels, you instantly add solar energy to your home without any hassles.”
The cooperative serves residents and businesses from Marathon to Key Largo. Members who lease a panel will receive its serial number and location, and that panel’s production will be credited to their account for 25 years.
What members won’t get is a panel on their roof, Newberry’s quick to point out, because it’s not that kind of lease. The cooperative’s already spent a pretty penny installing its panels in two spots in the Middle Keys, and they’re not moving.
The Simple Solar program was unveiled in February, and the cooperative’s touting it in advertising and on its website.
“FKEC is proud to be exploring green energy solutions, and we really see our cooperative solar farm as a first step in the right direction,” Newberry says.