City of Salinas – Investing in a Cleaner Future
December 3, 2024
Agenda
Existing Solar Performance
Phase II Scope and Goals
Budgetary Analysis
Next Steps
2 Existing Solar Performance
3 Exceeded guaranteed production
*Guarantee term ended after Year 5
Excess savings of nearly $700k back to the general fund
Program Goals
4 Reduce utility bills and return operating expenses back into the community Plan for future load and EV charging requirements by the state Take advantage of NEM 2.0 savings and tax credits from the Inflation Reduction Act
Timeline
5 City of Salinas - Energy Savings Program
Milestone
Date
Achieved?
ENGIE submitted NEM 2.0 Applications
April 14, 2023
X
City signed Interconnection Agreements
August 19, 2024
X
Project Development and Review
August - October
X
Finance Subcommittee Meeting
October 8, 2024
X
Post Public Hearing per Govt Code 4217
November 5, 2024
X
Council Approval of Implementation Contract and Financing Today
Sites & Scope
6 Site
Solar PV
Backup Generator
El Gabilan Library
X
-
Police Department
X
-
City Hall
-
X
Project Pro-Forma
7 ENGIE SERVICES, U.S. IS NOT A MUNICIPAL ADVISOR AND CANNOT GIVE ADVICE WITH RESPECT TO MUNICIPAL SECURITIES OR MUNICIPAL FINANCIAL PRODUCTS. THIS INFORMATION IS PROVIDED FOR EDUCATIONAL PURPOSES ABOUT POSSIBLE FINANCING OPTIONS AND IS NOT THE PROVISION OF ADVICE, OR A RECOMMENDATION TO PURSUE, ANY PARTICULAR FINANCING OPTION. CONSULT WITH YOUR MUNICIPAL ADVISOR OR FINANCIAL ADVISOR ABOUT THE FINANCING OPTION APPROPRIATE FOR YOUR SITUATION. ENGIE SERVICES, U.S. CAN PROVIDE INFORMATION TO YOUR MUNICIPAL ADVISOR OR FINANCIAL ADVISOR ABOUT THE HYPOTHETICAL ASSUMPTIONS AND EDUCATIONAL SCENARIOS USED IN THESE MATERIALS.
Notes:
Project Cost: $4,774,025
Estimated Debt Service Schedule from Bank of America
4.255% for 20-year term
Net Savings:
~$5 million
Contact Us
Amar Tiwari
Program Development Manager
[email protected]
(415) 264-2642
Dave Baldwin, PE
Director, Energy Management
[email protected]
(408) 218-9824
El Gabilan Library – Solar PV
9 Police Department – Solar PV
10 City Hall – Backup Generator
11