The Connecticut Green Bank finances solar photovoltaic system for Park Hill

November 19, 2021 - Connecticut

East Windsor, CT According to The Connecticut Green Bank, the installation of a 39.6 kW solar photovoltaic system at Park Hill, a housing complex owned by the East Windsor Housing Authority. The low income, elderly and non-elderly property is comprised of 84 garden-style apartments, three laundry rooms, and a large community hall/office building. The Housing Authority has agreed to a 20-year power purchase agreement (PPA) in which they buy the electricity generated by the system at a fixed reduced cost. The PPA will save the Housing Authority approximately $130,000 on their electricity costs over the agreement term.

“It was a pleasure to work with the Green Bank on our solar project. The staff was very professional and efficient with the entire process, including the coordination with the installation of the panels by Green Earth Roofing Solutions, who I would also recommend. The cost savings on our electric bill will certainly be beneficial to the Housing Authority and the residents we serve,” Linda Collins, rxecutive firector of the East Windsor Housing Authority.

“A power purchase agreement (PPA) works well for properties like a housing authority that cannot monetize the investment tax credits offered by the federal government,” said Mackey Dykes, vice president of financing programs at the Green Bank. “The PPA model allows the housing authority to harness all the energy and cost savings benefits of solar energy.”

Inclusive Prosperity Capital (IPC), a nonprofit, partnered with Green Bank to own and maintain the system. IPC offers the PPA to multifamily, nonprofit, and municipal customers outside Connecticut.

Tags:

Comments

Add Comment


More from the New England Real Estate Journal