Despite the likelihood of litigation being filed on behalf of residents of South Post Road (as mentioned by resident Teresa Lourenco at the Monday, August 6 Council meeting) Mercer County Community College plans to move ahead with construction of a 45-acre solar field on its grounds adjacent to Mercer County Park. In an E-mail to the WW-P News, MCCC President Patricia Donohue said the concerns of residents have been adequately addressed and follow-up has been provided on a timely basis. She also outlined the benefits the solar project would have for MCCC.
“Our solar project partners have been working diligently to address the concerns of the public. The college and the county look forward to the completion of this beneficial solar project, which will save energy for many years to come, improve air quality, contribute to a more sustainable future, relieve pressure on the power grid and educate students for green jobs,” Donohue said.
She also reported that SunLight General Capital — the company leasing land from MCCC and planning to sell solar energy to the college — and the Mercer County Improvement Authority have continued to provide information to West Windsor residents and the general public. Updates on the project have been posted at MCIA-NJ.com.
A key component to the projected future of the project and its financial viability is the value of SRECs — solar renewable energy certificates. As West Windsor Councilman George Borek noted in early July, the market for SRECs depended on Governor Chris Christie’s approval of legislation to bolster the SREC market. On Monday, July 23, Christie signed into law legislation that significantly improved solar incentive programs in the state, deemed a “law to save the solar market.”
SunLight General Capital faced scrutiny about the falling value of SRECs, barely $120 at the time, from residents at the final public meeting on the project on Thursday, May 31. SunLight General responded to a number of questions about the project’s financial projections — which residents argued would ultimately fall on the shoulders of Mercer County taxpayers — by stating that their requirement for returns was an SREC value of $129 for the first five years and an average of $165 for the 15 year period ending in 2028. SunLight said that would ensure “timely lease payments to the Mercer County Improvement Authority.”
But the new law included a cap for the SREC values at $300, down from $670, to avoid dramatic fluctuations in the SREC market. As of July, SREC values were at $150 — a 75 percent drop from their high of over $600 in late 2011.
