How Solar for All Lowers Household Energy Bills

 

All solar projects funded through Hope Enterprise Corporation’s (HEC’s) Solar for All (SFA) program must deliver at least 20% electricity bill savings to the households they serve. This economic benefit for families is at the heart of the program and HEC’s selection of potential solar projects and partners.

HEC will determine if a project saves households on their energy bills by using a modeled approach using either actual utility bills or based on the average utility prices and household energy use in a specific electric utility territory.

 

 

Here’s an example of how it might work for an individual homeowner:

Pre-Solar Annual Household Electric Utility Bill $2,000
Proposed Annual Solar Lease Price $1,000
Remaining Annual Household Electric Utility Bill $600
Total Post-Solar Electricity Costs $1,600
Post-Solar Savings ($2,000-$1,600) $400
Household Electricity Cost Savings ($400/$2,000) 20%

 

 

Here’s another example of how it might work for a project serving multiple households and offering a savings benefit (rather than direct energy savings), using average utility prices and usage:

Average Household Electricity Usage (kilowatt-hours) 10,000
Average Household Electricity Prices ($ per kilowatt-hour) $0.10
Average Annual Household Electricity Costs (10,000 x $0.10) $1,000
Savings Requirement for Each Household Served (%) 20%
Annual Savings Required per Household ($1,000 x 20%) $200
Total Households Served by Project 100
Total Annual Household Savings Benefit Required for Project ($200 x 100) $20,000