Renewable Energy

Wake Forest University uses about 66k MWh of energy annually. A study was conducted in 2021 that identified just 1.5 MW of eligible roof space on campus at a cost of about $3 million. In order to offset Wake Forest’s electrical footprint alone, we would need approximately 25 acres of land. There is not sufficient land adjacent to campus to install a solar array of this size.

There are, however, a number of solar photovoltaic (PV) and solar thermal installations already on campus that demonstrate the benefits of renewable energy on a small scale. For example, South Residence Hall’s water is heated by the solar thermal panels on its roof. The Reynolds Gymnasium pool is also heated through the solar thermal panels on its roof. Other installations around campus include PV demonstrations on the Activities Space at the Barn and North Dining Hall. The panels on the Barn were the first onsite renewable energy installation at Wake Forest. 

The schools selected the project due to shared criteria, including minimized risk, regional proximity, and the cost structure of the agreement. The project site in Robards, Kentucky is located in the MISO utility region, where power on the grid is generated primarily by coal-burning power plants. Additionally, the first phase of the solar development, Sebree Solar I, is already under construction and the conditional use permit is in hand for Sebree Solar II, which limits the risk of the project not moving forward. 

The developer, NextEra Energy Resources, takes on the cost of building and operating the solar development. NextEra will sell the electricity generated by the solar array to the market at a floating price. When the floating price exceeds the fixed price set between the developer and the schools, funds will be sent to the schools for deposit. In months where the floating price is lower than the fixed price, the schools will pay the developer the difference. 

1 MWh of energy generated by the project results in 1 Renewable Energy Credit (REC). The schools will receive credits for the production in the form of RECs. Rather than selling the RECs on the open market, Wake Forest will retire them as an offset to our electrical load. Learn more about RECs here.

Each year from 2025-2029, NextEra Energy Resources will offer two virtual or in-person lectures at one North Carolina and one Pennsylvania school in the aggregation. NextEra Energy Resources will also offer a student internship program, hiring and supervising a minimum of two full-time interns total from the nine schools for a minimum of six weeks for nine consecutive calendar years (2025-2033). Roles will allow the students to substantively learn about renewable energy projects. Engaged learning opportunities will also be possible, with NextEra’s provision of a dashboard with operational project data available for educational use. Annual site visits guided by NextEra Energy Resources or affiliates will also be available to students, faculty, and staff.

Over its 30-year lifespan, the solar site will contribute approximately $12 million in additional tax revenue to Henderson County, which can be used for roads, schools and other public services.