Ribbon to be cut on third Olean solar farm project

Four years after the city was first approached about signing on to a solar farm project, the ribbon is set to be cut. BQ Energy plans a ribbon cutting for July 17 to inaugurate the Homeridae project, a 17-acre, 11,800-panel project along Homer Street in partnership with the city of Olean government. The rated power output of the project is 3.3 megawatts, enough to power around 540 homes, according to the Solar Energy Industries Association. City officials have touted that the agreement with BQ, which was first proposed in 2015, will provide about $125,000 a year in reduced costs for electricity for the city, or about $3.2 million over 25 years. The Common Council was first approached in 2015 by BQ, later agreeing to become the primary recipient of the electricity. Because the power goes to a municipality or a nonprofit, the firm receives a number of benefits from state programs promoting solar panel construction. The savings were not considered when creating the 2019-20 city budget, which went into effect June 1, and it’s expected the council and mayor will decide what to do with any savings by the end of the fiscal year. The savings will not offset all of the electricity used by the city, however.