From Electric to Solar
Monday, October 23, 2023
For more than 40 years, Grow SD’s mission has been providing innovative advancement of housing, education, and economic opportunities throughout South Dakota.
David Lau utilized Grow SD’s services that support business owners through loans and business technical assistance. Lau owns Lau Repair and Trucking, located in rural South Dakota, and has had multiple loans with GROW SD over the past 10 years. His most recent loan was for the refinancing of a higher-interest loan that he used to install solar panels on his shop building. With the funds from Opportunity Finance Network, GROW SD was able to reduce the interest rate by 4% on this energy-saving installation!
Prior to installation, Lau’s monthly electricity costs for the shop, house, and campground were almost $450/month. Currently, his electric bill is about $75/month and he was also able to receive some tax incentives that he utilized in the first year! His costs for installation were higher than usual, as he chose to purchase batteries to store excess energy from higher peak solar days to be used throughout the day or as needed in the future. Lau feels this was definitely worth the extra expense, as it helped through the tough winter this past year. At one point, the ice built up on the units on the roof, but he was still able to generate enough electricity until the weather warmed enough to melt the ice off. (Typically, December and January are tough months for solar energy.) However, in the summer months, he has excess energy that goes back to the grid and he receives a small amount of payback.
David has had an interest in alternative energy for several years - exploring options and ideas of wind and solar energy during the last 15 years. He has ideas for additional energy alternatives in the future. He states that he has had a good working relationship with GROW SD, with no problems, and appreciates the support.
For more information about GROW South Dakota’s housing and business development programs and services, please visit our website at www.growsd.org or call (605) 698-7654.
Category: Success Stories