About the Project:
The Gateway Apartments is a garden-style residential community located in Gaithersburg, Maryland. The apartment is installing a 1.13MWDC Solar PV System, across 20 garden style apartment buildings, which will produce 1,350,999 kWh of clean, renewable solar energy throughout the first twelve months of use. Over the next 25 years, the solar PV, which is being installed by Solar Energy Services, will avoid the consumption of 31,716,616kWh of energy not sourced from the local utility provider, mitigating 21,309 metric tons of carbon dioxide , greenhouse gas emissions. The energy savings will lead to projected savings of $3,343,324 over 25 years in reduced electricity bills for the tenants.
Financing Details
The solar project will be financed through a 25-year Power Purchase Agreement between Bridge Renewable Energy and The Gateway Apartments. This agreement allows the tenants of the Gateway Apartments to enjoy a lower rate for the solar power portion of their energy usage.
Montgomery County Green Bank’s Role
The Green Bank provided a $2,111,350 construction loan which converts to a permanent term loan for a total of a ten year loan to Bridge Renewable Energy, the Solar Developer. This loan comprises 70% of the total cost of the project.
Project Snapshot
Building Type:
Affordable garden style apartment buildings in Gaithersburg, MD also located in an Equity Emphasis Area, according to the Metropolitan Washington Council of Governments.
Property Upgrade Summary:
Installation of a 1.13 MW solar PV system across 20 garden-style apartment buildings. The solar PV system will be installed by Solar Energy Services.
Loan Amount:
$2,111,350 construction loan converting to a 10-year term loan.
