“By the end of this project, we think we will be able to generate about 90 percent of the District’s overall energy demands. That is a tremendous amount of energy and savings for our District.”
Oscar Esquivel, Deputy Superintendent
The school solar installation includes 18,050 panels installed as shade structures at 46 schools and on other buildings throughout the district. The microgrid’s solar battery storage system will provide electricity during the peak period when electric rates are highest, which is 4:00 p.m. to 9:00 p.m.
Energy costs are the second largest expense for U.S. schools according to the Brighter Future: A Study on Solar in U.S. Schools report by Generation 180, SEIA, and The Solar Foundation and the Solar Energy Industries Association (SEIA). Installing solar panels at schools can have a tremendous impact on their operating costs and environment.
This project is expected to save the district more than $70 million in electricity costs over the next 25 years.
“That is $70 million in savings even after project costs have been paid for. This is a ‘green’ project both environmentally and fiscally,” said Oscar Esquivel, deputy superintendent.
“We have a demonstrated commitment to strengthening environmental sustainability efforts that our community recognizes. Our team has done an outstanding job of continually finding ways to increase energy efficiency and savings while doing our part to improve the environment. We want to model for our students the importance of energy awareness, conservation, and sustainability.”
The $32 million project was funded through a General Obligation (G.O.) Bond.
A General Obligation (G.O.) Bond is a type of municipal bond used to raise funds for public projects such as school improvements, infrastructure, and other community initiatives.
G.O. Bonds are backed by the full faith and credit of the issuing government entity, which means they are supported by the issuer’s taxing power.
For school districts like Chula Vista, using G.O. Bonds to fund solar projects provides an effective way to manage large upfront costs.
The long-term savings on energy expenses can far exceed the initial investment, resulting in net financial benefits for the district and allowing more funds to be allocated towards educational programs and resources.
The primary security for G.O. Bonds is the issuer's ability to levy taxes. This can include property taxes, sales taxes, or other forms of municipal revenue.
Issuance of G.O. Bonds typically require approval from voters within the municipality. This ensures that the community supports the use of taxpayer funds for the proposed projects.
Because they are backed by the taxing authority of the government, G.O. Bonds are considered low-risk investments. This makes them attractive to investors seeking stable returns.
The proceeds from G.O. Bonds are used to fund a wide range of public projects. In the case of the Chula Vista Elementary School District, the $32 million G.O. Bond funded the installation of solar panels, resulting in significant cost savings and environmental benefits.
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