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Page 14 of 20 <br /> <br />24. Please describe any avoided <br />financial costs or savings <br />related to the project and over <br />what period those costs will be <br />avoided/reduced: <br />The largest cost-avoidance will be realized from the cost not <br />paid to Duke Energy for the life of the solar panels over the <br />anticipated 25-30 life span of the panel, which should come in <br />at $78,687 in 25 years. Based on the level of energy production <br />and cost-savings from our existing solar panels, the payback on <br />the original investment of ~$50,000 will occur in the 20th year <br />of operation (see the attached Yes Solar Solutions proposal). <br />The productivity of the solar panels after the 20th year will be a <br />financial bonus to the church. The ‘cross-over’ point on the new <br />panels will likely be in the 12th year of operation, so that the <br />25-year cumulative gross savings will be an estimated $78,687 - <br />an 8.46% return on the investment. <br />25. Does your project accelerate or <br />expand on existing programs <br />that already show positive <br />impact? <br />The proposed project, even with four fewer solar panels, <br />because of their greater efficiency than our current panels, will <br />more than double the impact of carbon reduction annually over <br />Binkley’s 50 solar panels installed in 2016. <br />26. Does your project also take <br />advantage of other funding <br />sources? <br />Our first 50 solar panels were paid for entirely by donations <br />from the congregation. We anticipated a second “ask” for <br />additional solar panels by 2026. Funding by this grant <br />opportunity to expand our solar panels earlier will add incentive <br />to the congregation to continue to move forward as we realize <br />the added benefits to our commitment to climate justice <br />through the immediate reduction of over 32,000 lbs. of CO2 <br />released into the atmosphere and in the further reduction in <br />the church’s electrical energy cost beginning at $2,308 in the <br />very first year of operation. Addition leverage is described in <br />the response to question 27.) <br />27. Would your proposed project <br />help you to take advantage of <br />funding from other sources <br />besides this grant in the <br />future? <br />If funded by this grant opportunity, Binkley would be taking <br />advantage of Federal incentives from the Inflation Reduction <br />Act, with the 30% Investment Tax Credit (in the form of a direct <br />payment for tax-exempt organizations) and potentially a 10% <br />Domestic Content Bonus (increasing the credit from 30% to <br />40%). Additionally, Binkley will be registered for Chapel Hill’s <br />Solarize The Triangle ’23 program with a possible rebate check <br />upon the completion of the program. <br />28. Please describe any other <br />aspect of your project that is <br />relevant to the efficient use of <br />grant funds: <br />The primary efficiency that would be realized to the church is in <br />the reduction in Binkley’s electricity bills, thus loosening up <br />funds to expand support for the social justice mission of the <br />church. <br /> <br /> <br />DocuSign Envelope ID: 77953783-C404-4AD0-84BA-D739A58B1A83