Vote on Solar
Note: the information in this posting was emailed to the membership on August 7, 2024
Notice of Special Meeting of the Board of Directors
Monday, August 12, 2024, 7:00 pm, Small Meeting Room
Vote on Major Expenditure for Solar Energy System
Over the last year, your Board has studied the deferred maintenance and major project needs of the Club. We prioritized addressing issues that were of immediate need and at low to moderate financial expenditures: playground refresh, small meeting room upgrade, tennis court equipment, electrical upgrades, etc. Following the membership’s approval of the dues increase, we feel confident to move on to planning larger projects (those over $50,000: resurfacing the pool deck, tennis courts, and main hall floor) and will be polling the membership regarding your priorities.
In addition to our efforts to increase income through growing the annual membership and promoting events and activities, we have researched where we can tighten our expenditures. One of these areas is our propane and electrical costs. The thermal system that will replace the one damaged in the February storms (funded through our insurance reimbursement) is larger and more efficient and will reduce our propane expense for heating the pool. This system is expected to provide 100% of the heat needed in warmer months (we have had to supplement the old thermal system with propane), and reduce the number of months we depend on propane.
As we all know, PGE costs are rising exorbitantly (36% in three years, 49% since 2020) with the expectation that rates will rise at least 5% per year for the foreseeable future. Our 2024 electricity expenditure is projected to be $16,500, a 22% increase over 2023. Over the last five months, the Board researched solar energy systems and performed due diligence with experts regarding a solar energy system for the Club. We interviewed four vendors; three submitted proposals that were discussed at the August 5th Board Meeting. If we can complete this project in 2024, we will qualify for a 40% ($50,000) 2025 rebate from the federal government Inflation Reduction Act for nonprofit organizations.
The Board will continue to review these proposals and vote on a final selection at a Special Meeting on Monday, August 12 2024, to secure a company to complete our project in 2024.
In general, the Board found consensus for a total project cost of $125,000 and proposed to invest $75,000 from our reserve funds and finance $50,000. The federal rebate will offset our $75,000 investment with the system generating positive cash flow in 4.5 years. In year five, the system will create thousands of dollars of savings over the 25-year lifetime of the system—savings that will be applied to the completion of the major projects mentioned above.
The Board welcomes and is soliciting input from the membership before or at the August 12 Special meeting. More information is available from the Board: board@woodacreimprovementclub.com