An innovative solar farm in St George, Utah is now nearing completion, due to start commercial electricity production in December. The photovoltaic system, which has been dubbed SunSmart, will consist of 466 solar panels and will be the first community owned solar renewable energy concept of its kind.

The concept involves homeowners to buy shares, costing $6,000 each, of the solar farm, giving them a one-kilowatt unit of electricity. This much electricity represents around 15% of an average home’s monthly electricity use. So although the solar farm does not completely replace traditional electricity needs, the solar energy purchase can be seen as a hedge against future energy price rises as well as playing a small part against climate change. There is also an option to take up a half-share unit costing $3,000 too.

Those who take up a share in the project are also entitled to a $2,000 state tax credit as well as a credit on their power bills for the electricity they use from the renewable energy sourced electricity.

According to the SunSmart website, purchasers of SunSmart will own the unit for a minimum of 19 years, equivalent to the life of an average solar panel. After 19 years, the panels will be evaluated to determine if they need to be replaced, repaired and how much it would cost to do so.