How a Warwick Manufacturing Plant Eliminated 81% of Its Daytime Energy Costs

This metal fabricator was carrying energy costs that showed up in every aspect of running the operation. In looking at ways to reduce their utility expenses, they noticed their plant sat on 22 acres in Warwick, with seven of them sitting unused out back. Using that land to their advantage, they worked with Newport Renewables in 2024 to install a 1.1 MW ground-mount solar array — one that now covers 81% of the facility's daytime electricity load and will continue doing so for the next 25 years.

The system uses single-axis tracking — panels mounted on a mechanism that follows the sun's path across the sky throughout the day rather than sitting at a fixed angle. A tracking system captures meaningfully more energy over the course of a day than a fixed array of the same size, which matters at this scale.

The Financial Picture

The total project cost was $2.53 million, or $2.30 per watt.

The federal Investment Tax Credit covered 30% of the system cost. REGrowth performance payments will come in quarterly over the first ten years of operation. And 100% bonus depreciation allowed the business to write off the full equipment cost in the year the system was placed in service. After all three, the net cost to the plant came down to $1.39 million.

Year-one electricity savings and REGrowth payments combined to $238,000. Simple payback is 5.8 years. Over 25 years, the projected net cash flow is $6.12 million at an IRR of 20.7%.

Seven acres that were sitting idle are now helping eliminate 81% of the facility's daytime electricity costs.