Princeton’s SREC Experiment
Wednesday, January 20th, 2010
When the eggheads at Princeton University set out to put solar panels on the roof of the building that houses the Research Collections and Preservation Consortium, the project looked doomed to fail. After all, Tom Nyquist, Princeton’s director of facilities engineering says that the array will not produce enough to power the building and that the costs will be considerable. But the project looks like a smarter long-term investment as it launches Princeton into the world of SREC’s.
SREC’s, or Solar Renewable Energy Credits, are units of produced power. Each time a solar electric system generates 1,000 kwh of electricity, the project’s investor–in this case, Pennsylvania Power & Light–can then sell or trade the SREC’s. As power is being pumped back into the electricity grid, Princeton is effectively renting their roof space to Pennsylvania Power and Light in exchange for reduced energy bills. The result is a fully functional and sustainable power system with no upfront costs to Princeton.
Solar Ivy
The best part about this system is that solar is the fastest progressing energy technology, increasing in productivity by over 10% per year. So, over the useful life of the array, Princeton will continue to get more bang for their buck until the solar array takes over for their power needs alltogether. And as this technology takes off, the value of SREC’s improves so everybody wins.
You don’t get into the Ivy League without having a few good ideas up your sleeve. And you don’t get to be a permanent fixture at the Princeton library without pulling your weight. If you do your homework, this is a good deal for all involved.
