SolShares, a solar panel leasing SC--?
VREC or is
it VRE or maybe SolShares, all part of the greening of Vancouver with solar
panels.
SolShares a Community owned renewable energy project.
They claim
3.3% returns on one solar system already installed for a housing co-op and 41 cent dividends already paid to shareholders. This was only installed and
began operating in June or July of 2015?
Now they
are looking for shareholders to buck up $67,000 for the next co-op housing
solar system.
Lets look
at the first $63,000 23kW solar system,
that has paid 41 cent dividends and
will return 3.3% to shareholders?
Vancouver
receives around 1000 annual sunhours,
that 23kW solar system will make 23,000kWh annually if everything is
perfect and nothing goes wrong. BC Hydro pays 9.9c/kWh for Net metered power.
That would be $2300 annually. They
claim they are being paid 14 cents? it’s a little confusing because BC Hydro
does have a stepped rate for power. Remember this is a 5 year renewable at the same conditions lease, what happens if they don't want to renew? Who pays to remove these? For repairs, underperforming panels, cleaning the bird poop, leaves, dust and everything else that reduces power made? Extra insurance costs?
The claims
today are solar systems are being installed for $3/watt or less for a profit. This system at that would cost $69,000. The shareholders who bought into the
SolShares model put up $63,000. This
went to VREC who supplied and installed the system. So the system is all paid for.
The system will save the housing co-op somewhere between $2-$3000 on
their electric bills. How much is
23,000kWh annual power? BC Hydro
statistics say the average home uses 11,000 kWh/yr., so this system makes the
equivalent power for 2 average homes annually.
They say they read the meter every 3 months and distribute the earnings
to shareholders? Apparently they have
already paid a 41c dividend to shareholders, the expected return to
shareholders will be 3.3%.
The risks associated with solar panels underperforming, roof leaks, insurance premium increases due to their installation which is already happening in other jurisdictions as well as fire departments only containing fires on building with solar because they cannot be sure the power isn't off. For something that won't reduce GHG in BC only increase GHG. I foresee a lot of problems, inverters typically last only 10 years, that will be another $6-10,000. Defective solar panels? The largest solar project in Canada in Sarnia suffered major solar panel delaminations and failures, one large California project suffered a 34% failure of panels. No statistics are being kept but the word is a lot of Chinese solar panels are failing prematurely. The warranties typically 3-5years of workmanship. They claim they will still make 80% of their original power in 20 years, this generation of panels hasn't been around to prove that, many studies show early losses up to 5% annually in power production and greater. And who ya gonna call in 20 years to claim on a warranty?
What does make sense
is the prospectus from SolShares states “this is
very risky” “you might lose all your money”.
They mention the BC Securities Commission, auditors, etc. But the shares are being sold without filing a prospectus with the BC Securities Commission, as they state.
"SolShare plans to sell shares to the public through the offering memorandum exemption, which allows firms to sell securities to anyone.
The
VREC principles who appear to be all the same people as
SolShares, clearly spell out they have no responsibility if anything about the
SolShares lease goes wrong etc. The words Community owned, co-operative, not really, leased and owned by the owners of VREC.
The 5 year
lease states it can be renewed for another 5 years with all of the same
conditions. Would that require another
$63,000 from shareholders?
$63,000 - about $12000 in power, over $50,000 to make power for the equivalent of 2 average homes for 5 years, and no GHG reductions. If anyone suggests this will help mitigate future hydro increases, most power is consumed in winter, the solar power for November through February, maybe 10% of annual. This isn't going to help mitigate future energy costs increases.
And BC Hydro is required to pay full retail for all solar power, a subsidy from all of us, BC Hydro makes power for about 3 cents/kwh. Solar is a political feel good greenwashing waste in BC.
VREC's Mandate Is To Reduce Green House Gases
The only green I see is that going into the back pockets of VREC for selling solar systems.
Of course there is the other side that I have not been able to discover any statistics about, that would be daytime power sales via the BC US intertie. How much BC power might be sold to the US on a sunny day from about noon till 3 the only time solar power is made. Unless all of BC Hydro excess power is sold, any solar sales would be at the expense of sending the cleanest and greenest power, waterpower over the dam pretending this is decreasing GHG's. Forcing BC Hydro(us) to pay full retail for any solar power, while the spot market for wholesale grid power is nowhere near retail. Aren't we GREEN
Would anyone suggest BC residents should put solar panels in BC to save GHG in California? Thats what it amounts to, or let California buy their carbon offsets and pay for our BC solar panels we send them their power for our GHG reduction. But then wouldn't it be just smarter for them to put these solar panels where the sun does shine?
Arizona has a non resident program, one can have the solar panels where the sun does shine.
If there are any thinkers out there, send your solar panels to Arizona, take a picture, put the pictures on your fridge, maybe take a trip down to have a look at them, stop wasting my and the public's money on any more BC solar panel feel green nonsense.
Does anyone think BC residents have greater priorities at home than pretending to be Green with solar panels sending power to California, from where the sun doesn't shine to where it does?
I think that takes care of any argument that BC solar panels are making GHG reductions by transporting our solar power south to where the sun actually does shine a lot.
SolShare investor package
VREC website
UPDATE October 2017
I see the latest Bull@##$$% from these people.
My comment will likely never see the light of day its pending moderation, all my comments never get printed.
So now they claim Present ROI 3.6% Possible ROI 7%, yet under the column of
Return of Capital POSSIBLE??? ,,,, hello, Return on investment 3.6% possible 7% yet return of capital is only POSSIBLE?
Using the famous accounting techniques
The only green I see is that going into the back pockets of VREC for selling solar systems.
Of course there is the other side that I have not been able to discover any statistics about, that would be daytime power sales via the BC US intertie. How much BC power might be sold to the US on a sunny day from about noon till 3 the only time solar power is made. Unless all of BC Hydro excess power is sold, any solar sales would be at the expense of sending the cleanest and greenest power, waterpower over the dam pretending this is decreasing GHG's. Forcing BC Hydro(us) to pay full retail for any solar power, while the spot market for wholesale grid power is nowhere near retail. Aren't we GREEN
Would anyone suggest BC residents should put solar panels in BC to save GHG in California? Thats what it amounts to, or let California buy their carbon offsets and pay for our BC solar panels we send them their power for our GHG reduction. But then wouldn't it be just smarter for them to put these solar panels where the sun does shine?
Arizona has a non resident program, one can have the solar panels where the sun does shine.
If there are any thinkers out there, send your solar panels to Arizona, take a picture, put the pictures on your fridge, maybe take a trip down to have a look at them, stop wasting my and the public's money on any more BC solar panel feel green nonsense.
Does anyone think BC residents have greater priorities at home than pretending to be Green with solar panels sending power to California, from where the sun doesn't shine to where it does?
I think that takes care of any argument that BC solar panels are making GHG reductions by transporting our solar power south to where the sun actually does shine a lot.
SolShare investor package
VREC website
UPDATE October 2017
I see the latest Bull@##$$% from these people.
My comment will likely never see the light of day its pending moderation, all my comments never get printed.
So now they claim Present ROI 3.6% Possible ROI 7%, yet under the column of
Return of Capital POSSIBLE??? ,,,, hello, Return on investment 3.6% possible 7% yet return of capital is only POSSIBLE?
Using the famous accounting techniques
EBITDA,
that widely-touted measure of company performance and indicator of
value otherwise known as earnings
before interest, taxes, depreciation, and amortization,
is a fairy tale told to investors and credit managers so that they go
to sleep happy instead of running for the hills
Why
did famous billionaire investors Warren Buffett and Charlie Munger refer to EBITDA as "BS Earnings"?
HOW DID THIS EVER QUALIFY AS AN RRSP INVESTMENT????????
The numbers we know, or what they tell us, capital cost $69,000.
Somehow they conned a building into paying them something like 14c/kWh for power they likely could have, should be, paying less than 10c/kWh for, its not green, they are told its green.
No solar grid tie PV power in BC a waterpower province can be green, its dirty power. Nothing competes with clean green waterpower. Unless the solar could avoid the burning of some non renewable like coal, it can never be green, in BC we are all clean green waterpower.
So $69,000 at 3.5% for 25 years is $4140/yr. Their 23kWp system in Vancouver might if everything is perfect make 23000kWh annually at 14c/kWh = $3220.
BC Hydro makes that same power annually for less than $700. They are getting $3220! Don't think they have attracted anyone else yet.
BC Hydro makes that same power annually for less than $700. They are getting $3220! Don't think they have attracted anyone else yet.
They are RRSP eligible? Pay dividends? What is going on here?
No comments:
Post a Comment