About the Project:
Governor Square Apartments, located in Gaithersburg, Maryland, is a multifamily building with 236 units. The building, located in an Equity Emphasis Area, is installing a 542 kW rooftop Solar PV System across its 9 residential buildings, as well as replacing the roofs with a white membrane, energy efficient, reflective surface required to enable the solar installation. The system, being installed by Aurora Energy, will produce over 650,000 kWh of clean, renewable solar energy annually, mitigate 388 metric tons of carbon dioxide, greenhouse gas emissions, per year, and lead to projected annual average savings of over $150,000 in reduced electricity bills for the property. Electric costs are rolled into residents monthly rental payment, which will enable the landlord to stabilize monthly electric utility bills for the entire property, shielding residents from raising electric rates that can negatively impact the finances of the 236 low to moderate income residents.
Financing Details:
The Montgomery County Green Bank provided a construction-to-permanent loan totaling $1,135,000, and the Maryland Energy Administration provided $426,854 in a Commercial Solar Grant.
Montgomery County Green Bank’s Role:
The Montgomery County Green Bank is the primary lender, providing $1,135,000 in construction-to-permanent debt financing to enable project execution.
Photo Credit: Bernardo Morillo
Project Snapshot:
Building Type
Multifamily affordable apartment complex in Gaithersburg, MD.
Property Upgrade Summary
Installation of a 524 kW rooftop Solar PV System across nine buildings by Aurora Energy, and white membrane energy efficient reflective roofs.
Loan Amount
The loan from the Green Bank totaled $1,135,000.
