Aug 24 2005
A White Paper entitled "The Economics of Solar Energy for California" was released today showing that the Million Solar Roofs Initiative (California Senate Bill #1) will save California over six billion dollars net of incentives. Supported by Governor Schwarzenegger, the Million Solar Roofs Initiative is an ambitious plan to install 3,000 Megawatts of solar electric power on roofs throughout California by 2016. The complete text of "The Economics of Solar Power for California - A White Paper" is available for download at http://www.akeena.net/about/whitepaper.htm.
"The primary benefit of the Million Solar Roofs Initiative is that it reduces California's power needs during hot summer weekday afternoons," said Barry Cinnamon, President of Akeena Solar.
"Without this 3,000 Megawatts of solar capacity, utilities must construct this generation, distribution and transmission infrastructure -- as well as operate and fuel these plants. Ratepayers will ultimately pay for these costs. Solar power is a far better way to generate this capacity since the state also benefits with cleaner air and a better economy," said Cinnamon.
The key finding of this White Paper is that the Million Solar Roofs Initiative will save in excess of $6 billion net of incentives (in constant 2005 dollars), primarily by avoiding traditional power generation and distribution investments. Nevertheless, economic and environmental savings are also significant. These savings are likely to be substantially higher as fuel prices are likely to escalate faster than the 3% assumed in these analyses.