Sunview Development Company, a 15-year veteran of the Oklahoma home- building industry, has tapped Dallas-based Sunfinity Renewable Energy to install custom-designed solar systems in a 54-home development located in Calera, Oklahoma.
The project marks Sunfinity's entry into the Oklahoma solar market and makes the company the largest installer of residential solar in the state. Sunfinity estimates that each home will save more than $840 annually in electric bills, for a cumulative savings nearing $1,360,000 over the 30-year life of the system.
The development started in 2016. The subdivision includes 54 units composed of 1,800-square foot duplexes, which are all rental units. The developer will be adding additional amenities, such as storage units, covered parking, walking tracks and a soccer field.
"The solar installations make our properties significantly more competitive in the market," said Jay Mauck, manager with Sunview Development. "We've stepped up our offense on electric bills using a natural resource that's available to us all. It truly is a win-win for us as a company, doing what's good for the environment and the tenants."
"Installation was completed earlier this year, so families will begin realizing savings in time for summer heat and the year's highest electric bills hit," said John Billingsley, chairman and CEO of Sunfinity Renewable Energy. Each home will have a 15-16 panel system capable of offsetting 68% of the home's required electric needs, based on average use.
"Sunview was able to take advantage of the 30% federal tax credit, which decreases at the end of 2019," said Billingsley. "This literally means they had a 30% discount on the cost of the systems, with a payback period just over five years."
According to the Solar Energy Industries Association (SEIA), prices for solar in Oklahoma have fallen 43% over the last five years – and the state's Department of Commerce estimates as the solar industry matures, nearly 45% of all energy in the state could be solar powered.
"Oklahoma is subject to extremes in temperatures, resulting in high electric bills for many homeowners," said Billingsley. "Solar is a wonderful alternative to help those families save significant amounts of money, and that's a key reason the industry is expected to continue growing in this state in the near term."