A good kind of perfect storm may be coming together to benefit Crothersville Community Schools.
Ordinarily, the costs of replacement of a 20-year-old roof would not be met with excitement. But with federal CARES funding for education and a decision to install solar panels on the roof for energy conservation, may all work together for good for one of the state’s smallest school systems.
The school roofs have reached their lifespan of twenty years and are needing replaced. “So while we are replacing the roofs we felt it was our responsibility to find ways to save taxpayer dollars with new technology,” said Crothersville Community Schools superintendent Dr. Terry Goodin.
He said that a study conducted by the PSG Energy Group found out the school could save almost 85% of the cost of its electric bill by installing solar panels to offset the corporation’s energy costs.
“Installing solar panels will also allow our school corporation and community to do its part in helping improve the environment and slow global warming,” Goodin said. The community’s electric provider, Duke Energy, derives its energy from coal and natural gas—both carbon producing fossil fuels.
“Everyone knows that petroleum and natural gas based energy costs have increased and are going to continue to increase so we are being proactive in mitigating those cost increases with help from the sun,” said the superintendent.
Preliminary estimates have put the cost to replace the nearly 118,000 sq. ft of roofing (over 2.7 acres) at the school at just over $1.438 million. Solar panels—enough to supply the majority of the school’s electrical needs–have been estimated at $1.97 million.
While it is not known exactly what Crothersville Community Schools’ share will be, the state of Indiana will be doling out $881 million in federal CARES funding earmarked for schools.
“We intend to use a portion of our CARES funding to help pay for these two projects,” said Goodin.
He said the school corporation would be taking on additional debt to initially finance the project. Currently the school corporation’s debt service tax rate is 46¢ per $100 of assessed valuation. As currently structured, the roof and solar project is expected to temporarily increase that rate by 9.5 cents.
For an owner-occupied home valued at $100,000 with the county assessor’s office, the homeowner could expect the project to cost them $31.24 per year or about $2.60 per month, according to the financial analysis by Damian Maggos, the managing director of Raymond James Public Finance.
A commercial/industrial structure at the same value would pay about $95.40 or just under $8 a month.
Taxes from an acre of farm ground in the school district would increase $1.23 per year or about a dime and acre a month.
For the most recent fiscal year, July 1, 2020 through June 30, 2021, the Crothersville Community Schools paid $103,937 to Duke Energy for electric power. Estimates says that that cost would be cut by up to 85% by using electricity generated from the sun.