The city of New Bedford says it will install solar panels on municipal properties as part of an initiative it says will eventually generate enough power to run 1,500 homes.

City officials said Friday they will place the panels on public land parcels, schools and other municipal buildings. All the installations are expected to be producing power by 2013.

The project, estimated to cost about $40 million, will be paid for by New York-based power company Con Edison Solutions.

Spokesman Mike Perna said the company will recoup the money through federal tax credits, state renewable energy credits and deals with New Bedford to buy the solar power.

New Bedford officials said the power will cost less than conventional power, and total savings could reach $10 million over the project’s first 20 years. (AP)