Greenway Solar finds value in creating a pricing model that brings subscribers zero risk. Xcel’s energy rates have increased an average of 2.75% annually over the last 20 years, but that is no indication of what prices will look like over the next 20 years. The typical community solar provider depends on Xcel’s rates to increase in order for their subscribers to save money on energy. If Xcel prices decrease (which they very well could with increased developments of renewable energy such as wind and solar), the typical community solar garden subscriber may actually lose money. At Greenway Solar, we believe in eliminating risk for subscribers so we can guarantee 10% savings in all possible scenarios. We want to make it easy for you to help save the environment while also brightening up your financial future with guaranteed savings. All numbers in scenarios 1-3 are based on a typical Minnesota home that uses 9,600 kilowatt hours/year.
The first scenario shows money saved by both Greenway and the typical community solar provider if Xcel’s rate steadily increases 2.75% over the next 25 years. In this scenario, a subscriber saves more money being locked in at a 2.4% increase (typical solar garden) than they would with Greenways guaranteed 10% savings. In this scenario, a subscriber to a typical solar garden with a fixed 2.4% increase, would save $4,404 over the time period. A Greenway Solar subscriber would save $2,000 over the time period.
The second scenario shows future savings if Xcel’s price decreases after a number of years. The graph shows the financial loss a subscriber to the typical community solar garden would suffer if Xcel’s prices were to decrease. In this scenario a subscriber to Greenway subscriber would save $4,267 over the time period, while a subscriber to a typical solar garden would spend $2,062 more on their energy needs compared to if they purchased all energy from Xcel.
The third scenario shows the likely volatility in Xcel’s prices over the next 20+ years. Again, if Xcel prices trend down, or do not increase more than 2.4%, those subscribers with a fixed 2.4% increase may suffer from overall loss. Greenway provides 10% savings to our subscribers whether Xcel’s price increases, decreases or stays the same. In this scenario, a subscriber to a typical solar garden would spend $4,560 more on energy needs compared to purchasing all energy from Xcel. A Greenway Solar subscriber would save $3,427 over the time period.
Remember: Future money savings may depend on Xcel’s rates, but the environmental impact that you have by choosing to participate in a Greenway community solar garden does not. By switching to solar, an average household will offset 209 tons of CO2, 0.57 tons of SO2, 0.34 tons of NOX, 425,702 miles of driving, 87,214 gallons of water, and it is the equivalent of planting 4,869 trees over the span of your subscription.