Oswego village trustees are considering becoming a part of a community solar program to save the village an estimated $40,000 annually in electric costs.

The idea was recently discussed at a Oswego Committee of the Whole meeting. As Adam Hoover, director of strategic accounts at the Northern Illinois Municipal Electric Cooperative, told village trustees, Community Solar is a program that is guaranteed to provide 10% savings while still finding the fixed rate savings that NIMAC brings.

NIMEC serves as the broker and consultant for the village’s electrical aggregation program.

“I’m not asking to install solar panels anywhere,” Hoover said. “It is a state of Illinois credit. You would be renting solar panels from rural Illinois. I was out actually driving in Dixon today to see a couple of other towns we work with and I saw about three or four of these huge solar farms that you guys could be renting power from. In turn, you guys would receive 10% off, which is about $40,000.”

The village would likely to have to sign a 20-year contract.

“You’d have to match the life span of the solar panels that you’re renting,” Hoover said. “There would be an early termination fee of about $40,000.”

NIMEC would look to find a replacement that would waive the termination fee, Oswego finance director Andrea Lamberg said.

“Community Solar in ComEd territory allows residential and business customers to subscribe to a remote solar energy project instead of installing panels onsite,” she said. “Participants receive monthly Community Solar aggregation credits on their ComEd electric bills based on their share of solar generation, which offsets the electricity supply portion of their bills.”

Oswego Village President Ryan Kauffman liked the fact that over the life of a 20-year contract, the village could save about $800,000.

“If electric prices rise, it could be even greater than that,” he said. “It’s a good deal all around.”

Oswego village trustees are set to vote on a contract with a solar farm in the near future.