2024-05-08 CC Packet - Laserfiche WebLink

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CITY OF CENTERVILLE REQUEST FOR COUNCIL ACTION Agenda Item #Department: Requested Council Meeting Date: May 8, 2024 Administration TITLE OF ISSUE: Solar Grant & Tax Credit Program for City Hall BACKGROUND AND SUPPLEMENTAL INFORMATION: The Inflation Reduction Act has provided money for public buildings to add small solar system to them. This two part reimbursement project would provide between 82-90% of the total project estimated to be $120,000 to $140,000.00. The grant would cover $72,000 and the tax rebate would be $36,000 to $42,000.00. The city's estimated contribution would be $12,000 to $26,000.00 depending on total final cost. The system would be up to 40kW in size and would reduce the total electrical cost of $8,500.00 per year by an estimated $2,500.00. Any additional power produced will belong to Xcel Power. Pay back is estimated to be 5-11 years. The system is projected to last 25-30 years. The program has a pre-application process due June 3; a funding amount date of July 1; and the formal application date of September 23. Letters to proceed will be October 21, 2024. COST AND SOURCE(S) OF FUNDING: Administration Building Energy budget REQUESTED COUNCIL ACTION: Motion to pre-application for the and Federal Tax Credit Inflation Reduction Act For ClerkÓs Use: SUPPORTED DOCUMENTS ATTACHED Motion By: ____________________________________ Resolution Ordinance Contract Minutes Plan Map Second By: ____________________________________ Vote Record: Aye Nay _____ Other (specify) ____________ _____ _____ ___ _______________________________________________________________ _____ _____ _____ ____________________________________________________________________ Administration Department Use: Refer to: _________________________________ Consent Tabled Until: ______________________________ Regular Other: ___________________________________