The Shakespeare Theatre of New Jersey, located in Florham Park, has long been a beloved cultural institution. However, like many organizations, it has faced the challenge of rising electricity costs. In an effort to combat this issue and embrace clean energy, the theater has embarked on an exciting solar project. 

Investing in this initiative not only supports the transition to renewable energy but also offers an opportunity for potential investors interested in the renewable energy sector. In this blog post, we will explore the details of the Shakespeare Theatre’s solar project and the investment prospects it presents.

Solar for Shakespeare Theatre: Clean Energy and Cost Savings

The solar project at the Shakespeare Theatre is a 180 kWdc behind-the-meter installation, designed to generate clean and affordable energy for the facility. Developed, approved for interconnection, built, fully subscribed, and operational, this solar endeavor is a shining example of sustainability in action.

One of the most significant benefits of the solar installation is the substantial reduction in carbon emissions. Over its lifetime, the project is estimated to prevent the release of 4,019 Metric Tons of Carbon Dioxide equivalent. To put this into perspective, it is equivalent to taking 10.3 million miles of driving off the roads (according to the US EPA, 2023). 

Financially, the Shakespeare Theatre stands to gain significant advantages from the solar installation. The project is projected to reduce the theater’s electricity bills by over 50%, resulting in estimated savings of $27,905 in the first year alone. Over the initial 15-year Power Purchase Agreement (PPA) term, the cumulative savings are expected to reach $418,575 (Source: Form C of Shakespeare Theatre). These substantial cost savings promote the Theatre’s long-term financial stability while reducing its environmental impact.

A Solid Foundation: Engineering, Interconnection, and Real Estate

To ensure the success of the solar project, the Shakespeare Theatre has laid a solid foundation through meticulous planning and execution.

The engineering and execution phase involved obtaining structural and electrical engineering approvals, duly stamped by licensed Professional Engineers. This ensures the highest standards of safety and performance for the solar installation.

The project has executed an Interconnection Services Agreement (ISA) with Jersey Central Power and Light, one of the largest electric utility companies in New Jersey. Additionally, the theater has obtained Permission to Operate (PTO) on October 17, 2022, ensuring seamless integration into the local power grid.

In terms of real estate, the Shakespeare Theatre has executed a Power Purchase Agreement (PPA) with the property owners for the duration of the PPA term. This agreement guarantees a stable and secure supply of solar energy to the Theatre over the next 15 years, minimizing any potential disruptions.

Incentives, Offtake, Permits, and Equipment

The solar project at the Shakespeare Theatre has been accepted into the New Jersey Successor Solar Incentive (SuSI) Program. As part of this program, the project qualifies for an incentive compensation rate of $0.10/kWhr fixed for 15 years. This financial support is provided by Jersey Central Power and Light, further enhancing the project’s financial viability.

Under the terms of the PPA, the Theatre will pay $0.062/kWhr, escalating at a rate of 1.9% per year, for the electricity generated by the solar project. This favorable offtake agreement ensures a stable and predictable revenue stream for the Theatre.

The project has also received all necessary permits for construction and has obtained a Certificate of Completion from the electrical inspector of the Town of Florham Park. These regulatory compliances further assure the project’s adherence to local regulations and standards.

When it comes to equipment, the Shakespeare Theatre has utilized Tier I solar equipment for the installation. The solar modules used were manufactured by Q-Cell (480W), known for their efficiency and durability. The inverters, manufactured by Enphase, further enhance the system’s performance and reliability.

Risk Mitigation: Insurance and Operations & Maintenance

To mitigate potential risks, the Shakespeare Theatre has executed a general liability insurance policy. This insurance coverage protects against any unforeseen damages or accidents associated with the solar project. 

Additionally, the theater has entered into an Operations & Maintenance Agreement with Associated Energy developers (AED), a reputable service provider in the renewable energy industry. AED has a dedicated monitoring and service team that ensures the project’s optimal performance and promptly addresses any maintenance issues. This proactive approach minimizes downtime and maximizes energy production, safeguarding the project’s long-term operations.

Conclusion

The Shakespeare Theatre of New Jersey’s solar project not only offers a solution to the rising electricity costs faced by the theater but also presents an new investment opportunity for potential investors interested in renewable energy. 

By investing in this solar initiative, individuals can support the transition to clean energy, reduce carbon emissions, and contribute to projects focused on building a sustainable future. With substantial cost savings, regulatory compliances, and reliable revenue streams, the Shakespeare Theatre’s solar project is an investment opportunity worth considering. 

To learn more about this investment offering, download the Climatize App.