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Minutes of the Regular Meeting of Council <br />Tuesday, February 18, 2014 <br />Page 6 <br />Mr. Delguyd sta.ted, this is something Ron Dinardo and John will look at. <br />Council President Buckholtz stated, okay. <br />Mr. Delguyd continued, the big thing is the building has to have a southward facing side <br />conducive to the panels. That eliminates all but three buildings. <br />Council President Buckholtz asked, the cost of this project? <br />Mr. Wynne replied, we paid up front with grant money from NOPEC for our downpayment. <br />There's a lease for 8 years. After that, we have the option to buy the panels. <br />Mr. Fadel sta.ted, the lease is actually paid by the savings on the electricity. There's no real out of <br />pocket until the 8?' year. <br />Mr. Wynne stated, for example, if we are paying $40,000 a year for electric for the panels, we <br />are still paying $40,000 but now we are paying $32,000 to the electric company and $8,000 to <br />John's company. <br />Mr. Delguyd stated, at the end of 8 years, there's a 10% option to buy which will be another <br />$30,000. So, really, the out-of-pocket expense cost is $30,000 at the end of 8 years. Where the <br />real benefit comes in is as utility bills go up, our savings are going to go up because we are <br />basically using more of the solar panel produced. <br />Council President Buckholtz asked, what's the life cycle of these? <br />Mr. Delguyd replied, 25 years. <br />Mr. Fadel replied, 25 years is the warranty on the panels. <br />Mr. Jerome asked, how long could they last? <br />Mr. Fadel replied, no one knows because we have not hit the limits of the first ones. They are <br />looking at 35-40 year life cycles. <br />Mr. Jerome asked, so does that mean then that you have to replace them? 35 years comes, what potentially could happen, every panel has to be replaced or panel by panel? <br />Mr. Fadel replied, it's like anything else. I am sure that some of the gaskets and things will start <br />to blow and will have to be repaired. The 25 year warranty, the useful life is probably 35-40 with <br />repairs. <br />Mr. Jerome stated, there will be new technology by then at that point.