Ferrisburgh Solar Energy Projects
Some Addison County Economic Development Corporation (ACEDC) members, including the Town of Ferrisburgh, Green Mountain Power and People's United Bank, were all involved in recent Ferrisburgh Solar Energy Projects.
Housing Vermont’s first net metered solar energy facilities are online and generating electricity for the grid as well as long term reductions in energy costs for 354 apartments owned by the state’s largest nonprofit developer of affordable housing. Two photovoltaic (PV) systems, located in Ferrisburgh, consist of a 500kW (AC) system located on an otherwise undevelopable parcel off Route 7 and a 150kW (AC) system located off Greenbush Road. Under an agreement with Green Mountain Power, 11 properties in northwest Vermont will benefit from net metering credits generated by the two facilities.
Vermont’s innovative group net metering program allows small power producers to set up their own renewable energy facilities and receive monetary value for their production in the form of net metering credits. These net metering credits can then be allocated to the members of the net metering group.
Housing Vermont contracted with Encore Renewable Energy, under a turnkey contract, to design, develop and construct the facilities. The organization utilized creative equity financing from People’s United Bank and debt financing from both PUB and Vermont Economic Development Authority to finance the project in a way that maximizes the benefit to the affordable housing.