Submitted By
Mindy Agnew, Sustainability Coordinator
Agenda Item Title
Title
Economic Analysis of Renewable Energy Projects
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Overview
Overview
As a follow up to the March 12, 2018 presentation of staff recommendations, an economic analysis has been done based on the plan for the use of the Community Choice Electricity Aggregation (CCA) sustainability funds. The Village continues its work with Mark Pruitt, Principal of the Illinois Community Choice Aggregation Network (ICCAN) and staff to provide an analysis of the suggested renewable energy options to optimize the leverage and use of the CCA funds, and to maximize the available Federal, State and Utility incentives available in order to provide returns for the broadest population of Village residents.
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Anticipated Future Actions/Commitments
Recommendation
Subject to consensus of the Board, staff will perform the research and analysis for implementation as early as August 2018 of the renewable energy options selected.
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Report
The 2016 Illinois Future Energy Jobs Act (FEJA) increased the scope of energy efficiency incentives and renewable energy funding resources including a requirement that 10% of energy efficiency spending go to public buildings that include municipalities. The incentives through FEJA are structured to provide the highest incentives for renewable energy projects deployed in the near-term. Similarly, the federal incentives decline over time.
Federal Investment Tax Credit Incentive Schedule:
30% through 2019
26% through 2020
22% through 2021
10% through 2022
Staff used a metrics model presented by the Environment and Energy Commission (EEC) on February 5, 2018, to make recommendations on community-led options for renewable energy project considerations presented in a report to the Board on March 12, 2018. The Board asked that seven recommended options be analyzed for consideration for the use of the CCA funds.
A. Rooftop Solar Array for Village Hall (to suppor...
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