KEY PROJECT INFORMATION
INVESTMENT
$38,294.00
PAYBACK
37 Months
M / SAVINGS
$910.00
SYSTEM SIZE
39.6kW
GENERATION
54.65MWh
YEARLY COST BEFORE SOLAR
YEARLY COST AFTER SOLAR
Shine Apartments
Shine Apartments, a multi-level residential complex comprising 87 apartments, was facing high electricity bills. In order to reduce their energy costs and promote sustainability, the management of Shine Apartments decided to install a solar energy system. Cynergy, a reputable solar energy company, was contracted to install the solar panels. This case study highlights the impact of solar installation on Shine Apartments’ energy consumption and financial savings.
Cynergy installed a 39.6 kW solar system manufactured by JA Solar on the roof of Shine Apartments. The installation was completed efficiently and effectively, ensuring maximum energy generation from the available roof space. The solar panels were strategically placed to harness sunlight throughout the day.
Upon completion of the installation, Shine Apartments witnessed a significant reduction in their electricity bills. Prior to the solar installation, their yearly electricity bill amounted to $31,000. However, after the installation, their annual electricity bill reduced to $20,000. This represents a cost-saving of $11,000 per year.
Financial Analysis
Investment: The solar installation at Shine Apartments required an investment of $38,000. This investment covered the cost of the solar panels, installation labor, and associated equipment.
Savings: The average monthly savings achieved by Shine Apartments after installing the solar system amounted to $900.00. This translates to an annual saving of $10,800.
Payback Period: The payback period for the solar installation at Shine Apartments can be calculated by dividing the initial investment by the annual savings. In this case, the payback period would be approximately 3.52 years.
Environmental Impact
In addition to the financial benefits, the solar installation at Shine Apartments also had a positive impact on the environment. By generating clean, renewable energy, Shine Apartments reduced their dependence on non-renewable energy sources. This resulted in a decrease in greenhouse gas emissions, contributing to a more sustainable future.
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