Victory Housing is a nonprofit organization that provides affordable housing and assisted living for seniors and families in Washington, D.C. and Maryland. Victory Housing is installing 1,147.45 kW of solar PV systems across 8 of its properties, which will produce a total of 1,570,802 kWh of clean, renewable solar energy throughout the first twelve months of use. Over the next 20 years, the solar PV, which will be installed by Universal Renewables, will avoid the consumption of 31,416,040 kWh of energy from the local utility provider, mitigating 21,940 metric tons of carbon dioxide greenhouse gas emissions. These energy savings are projected to result in $2,987,220 in reduced electricity bills over 20 years.

Of these 8 properties, 5 are located in Montgomery County, MD. These 5 properties will host 878 kW of solar PV and are expected to produce 1,166,894 kWh in the first year. Over 20 years, they will generate 23,337,880 kWh of clean energy, mitigating 16,300 metric tons of carbon dioxide, greenhouse gas emissions. The energy savings are projected to total $2,237,120 over 20 years in reduced electricity bills for the properties.

One of the Montgomery County properties, Victory Tower in Takoma Park, MD, will be further enhanced with a battery storage system, establishing it as a Resiliency Hub capable of providing backup power during grid outages.

Locus Bank originated a total $4,627,608 loan to finance the Power Purchase Agreement between Victory Housing and National Housing Trust (NHT), the solar developer.  Montgomery County Green Bank provided 45% of the financing, or $2,082,424, through participation with Locus Bank. NHT Community Development Fund (NHT-CDFI), a community development financial institution, contributed 10% of the cost of the project in a loan participation with Locus Bank.

Montgomery County Green Bank played a critical role in enabling this project through a tailored loan participation of $2,082,424 with Locas Bank. The Green Bank’s investment facilitated the installation of solar systems on eight affordable multifamily and assisted living buildings, five of which are located within Montgomery County. These installations significantly advance the County’s climate goals by reducing greenhouse gas emissions, and lowering utility costs for affordable housing providers.