I don't know the particulars of the agreement, but the utility usually pays retail prices for electricity in these agreements. If there is money coming from the utility, it's probably in the form of a direct subsidy/rebate, though that may come from the state and not the utility. In addition to that, there is a 30% federal tax credit. No money comes from the school.

I see these energy subsidy programs as a bad thing. Essentially the goverment is subsidizing infrastructure and the schools have found a way to make it benefit them as well.

These subsidies should be directed towards all form of generation. Hydrocarbon, renewable and nuclear should all be getting money poured into them. Alternatives to gasoline and diesel should be getting enormous funding as well.

The US needs to get a handle on its energy situation. Its grid is old, its generation methods are old and it has no viable longterm alternative gasoline and diesel.

TLDR; We're all gonna die.