Burr Elementary School could soon turn sunshine into savings.

Newton's Finance Committee unanimously approved a plan to install rooftop solar panels at the Pine Street school, a project expected to cut electricity costs by more than $30,000 a year.

The city would lease roof space at Burr Elementary, 191 Pine St., to a private company that would install, own and maintain the solar panels. Newton would then buy the electricity they generate at less than 7 cents per kilowatt-hour — well below typical utility rates.

City Co-Director of Sustainability Sam Nighman said the system is expected to generate about 286,000 kilowatt-hours of electricity each year, though final savings will depend on the completed design.

The project follows a model Newton has already used at 22 other municipal solar sites.

Massachusetts-based Select Energy would develop the project after being selected through a competitive bidding process. The company has completed five previous solar projects for the city.

The committee's vote clears the way for the city to negotiate a final lease and power purchase agreement before construction can begin. No installation timeline has been announced.