If the solar panels can operate only for 3,465 hours a year at maximum, the project(would/would not) break even.
Continue to assume that the solar panels can operate only for 3,465 hours a year at maximum.
In order for the project to be worthwhile (i.e., at least break even), the university would need a grant of at least $90,083.97 or $225,209.93 or $150,139.95 or $135,125.96