The city of North Vernon continues its efforts to make its facilities solar-powered. The city council voted Monday night to pursue financing for the project, expected to cost just over nine-million dollars, including interest.
Kurt Schneider, vice-president and partner of Johnson-Melloh Solutions, has been working with city officials for nearly two years in developing the solar-power plan. He says his company led the switch to solar at the Jennings County Public Library. Schneider says that the city is poised to reap a net savings of over $5.8 million in utility costs over the next 20 years if his company’s proposal is carried out. At a February city council meeting, Schneider explained that the city won’t have to pay a large amount of money to get the project underway.
At the same meeting, Schneider talked about the cost-savings opportunities.
City officials say that three lenders are “in the running” to help North Vernon finance this project. The terms of the financing include an expected repayment period of 15 to 18.5 years. The city council voted 4-1 to pursue the project, with the understanding that financing can be obtained and that the city’s ability to borrow for other projects won’t be affected. Councilman Jerry Lamb was the lone “no” vote, citing concerns with the length of the repayment period.