Wallace and Graham, Catawba Trustees, Set Example with Commitment to Solar Energy
2010-02-25 12:38 by Staff Writer
EDITOR’S NOTE: This story is a compilation of material from a Salisbury Post story by Karissa Minn and Center staff reports.
Mona Wallace and William Graham, both trustees of Catawba College, have made a considerable commitment to using solar energy, setting an example for other businesses.
The Law Offices of Wallace & Graham in Salisbury recently installed one of the largest privately-owned photovoltaic systems in the region on the rooftop of the building that houses the law firm’s medical department. About 60 people attended a reception at the offices of Wallace & Graham Feb. 24 when the firm unveiled its new 173.25 kilowatt solar electric system.
“Bill Graham and I are very pleased that N.C. GreenPower has selected us to participate as a solar energy generator in their program,” Wallace said. “We have long desired to be involved in helping to find better energy alternatives, as much of the litigation that our firm handles involves the safety and health of employees and environmental contamination. We are investing in not only clean energy but safe energy for the community.”
The photovoltaic system was designed and installed by Sundance Power Systems of Weaverville. An estimated 132 tons of carbon will be offset each year the system is in production.
Wallace said that her brother's company, Spencer Lane Construction in Salisbury, had to bring the roof of the 1920s building up to code so it could hold the weight of the panels. Once the system was commissioned in December, it took two months to install and activate the panels.
"It's the right thing to do for all the right reasons," Wallace said. "It's a good business investment, it's in support of the environment, it's safer and cleaner energy and it helps the community."
Wallace said she likely will receive 65 percent of the system's price back within four months after installing it.
Dave Hollister, president and CEO of Sundance Power Systems, explained how the system would recover its costs and eventually generate profit.
"Two things happen when you produce solar energy," Hollister said. "One, you're producing kilowatt-hours of electricity. Two, you're producing renewable energy credits."
A few years ago, he said, the North Carolina legislature passed the Renewable Portfolio Standard, which required utilities to have a certain amount of the power that they produce come from renewable sources. Utility companies can purchase credits from renewable energy producers to help meet this requirement.
The law firm also will sell the 228 megawatt-hours of electricity generated by the system to Duke Energy. These revenue streams, along with state and federal tax credits and accelerated depreciation, make the system profitable. Production incentives also are offered by NC GreenPower, a nonprofit organization that encourages voluntary contributions toward renewable energy and the mitigation of greenhouse gases.
"The combination of all these incentives, in addition to the sale of credits and power, makes a very solid business case for this in North Carolina," Hollister said.
Amory Lovins, co-founder and chairman of Rocky Mountain Institute in Colorado, spoke at the reception about the future of solar energy, noting that technological innovations are making the systems more efficient and less expensive. The cost of solar systems dropped by 40 percent last year, and renewable energy is growing rapidly even in countries where it is not subsidized.
"In 2008, for the first time in maybe a century, there was more invested in renewable power generators than in fossil-fueled generators," Lovins said. "This revolution is already happening."
Pioneers like Wallace & Graham, he said, make such a revolution possible.
"Thank you and your firm for your leadership in making this big step," Lovins said. "I think you'll look back on this and see it was a really brave, farsighted thing to do."