Gorham's has saved $200k on its BELCO bill

One local company is helping Bermuda reduce emissions and become greener by adding even more solar panels.

Gorham’s True Value Home Centre is moving forward with the expansion of its photovoltaic solar energy system to generate electricity at its store in Pembroke. 

This expansion will be the fourth phase of installation and will consist of an additional 300 kilowatts of capacity that, combined with the 185 kilowatts from the first three phases, will result in a total capacity of 485 kilowatts installed. This will be the largest photovoltaic solar energy system on the island.

Gorham’s general manager Andrew Mackay said: “Since fully commissioning our solar energy system at Gorham’s in 2011, we’ve generated 500 megawatt hours of energy. At 40 cents per kilowatt hour this is equivalent to $200,000 worth of energy. 

“As electricity costs continue to rise and we pay off our investment, we will see this investment double, triple and quadruple over time. 

“We are pleased with our decision to invest in solar, and specifically our continued partnership with AES to assist in promoting a renewable energy program, which is why we decided to increase the number of our solar panels by 162 per cent.”

With 485 kilowatts of capacity, it is conservatively estimated that Gorham’s photovoltaic system will generate more than 681 megawatts of energy per year. 

At today’s energy rates, that is over $22,700 of electricity per month, or $272,400 per year, which means the system will pay for itself in six years.

 In addition, the system has a 25-year product and workmanship warranty and a 25-year power guarantee.  

Tim Madeiros, AES CEO and founder, said: “I’m delighted that Gorham’s is building upon the success of the first three phases and has decided to further expand its photovoltaic solar energy system. 

“I commend Gorham’s for taking control of their energy costs and ‘owning their power’. I hope their success and savings will inspire other companies to do the same, especially as electricity costs continue to rise.”

The news will be discussed this evening as part of an AES client appreciation event that will be attended by the Minister of Education & Economic Development, Dr Grant Gibbons, JP, MP and SunPower executives. SunPower executives are visiting Bermuda to meet with AES; the island’s only authorized SunPower dealer/installer. 

While here, SunPower is also scheduled to hold talks with Government officials and financial executives to discuss, among other things, the recent announcement of its partnership with Google to create a $250 million fund designed to finance residential solar power rooftops, and how that could be leveraged in Bermuda. 

Under the leasing program, the SunPower/Google joint venture company will purchase solar panels and lease them for a cost that is typically lower than a customer’s normal electricity bill.