Five years after officials began looking into the feasibility of putting a solar array on the former landfill on River Road, the town is moving forward with the project.
At the Princeton Council meeting Monday night, the governing body chose a developer for the solar array. GeoPeak Energy will finance, build and operate the solar facility for 15 years.
Six companies responded to the town’s request for proposals for the project. Three proposals were rejected and one was withdrawn, a project consultant told officials on Monday night.
GeoPeak’s proposal for a 2.2-megawatt system offered the town the lowest power purchase agreement rate for a system its size. Princeton will lease the land to GeoPeak, and the Stony Brook Regional Sewerage Authority will purchase electricity produced by the solar array at a reduced rate. About $1.4 million in revenue could be realized over the term of the agreement, plus more than $500,000 in lease fees. The solar array is expected to produce about 18 percent of the sewerage authority’s energy.
Back in 2011, officials looked at the feasibility of installing solar arrays on the site of the former landfill. But the solar power market bottomed out in New Jersey because developers flooded the market with energy credits. When the market rebounded, Princeton officials revisited the issue, Council President Bernie Miller said.