Montgomery County, MD (July 2022) – The Montgomery County Green Bank (Green Bank) closed a loan with Skyview Ventures in support of a Power Purchase Agreement (PPA) with Housing Unlimited to help finance the installation of solar PV systems on three of their affordable properties in Silver Spring, MD.
Housing Unlimited provides affordable housing for people in mental health recovery to live in an independent environment. To reduce electricity bills for three of their properties, Housing Unlimited used the PPA to install the three rooftop solar PV systems by Lumina Solar totaling 20.70 kW. The project be financed through a 20-year power purchase agreement between Skyview Ventures and Housing Unlimited. Skyview Ventures financed the PPA through the Green Bank with a $40,000 loan.
“We are thrilled to support Housing Unlimited in providing resources for affordable housing communities to experience the energy savings and environmental benefits of solar through our commercial solar PPA program. This investment in Housing Unlimited’s solar project is the perfect example of the Green Bank advancing its mission of supporting a prosperous, sustainable, and healthy Montgomery County where everyone participates in and benefits from clean energy and climate-resilient solutions,” stated Tom Deyo, CEO of Montgomery County Green Bank.
The solar PV systems will produce almost 25,000 kWh of clean, renewable energy throughout the first year of use, leading to a projected savings of more than $79,000 over 20 years in reduced electricity bills for the properties. Over the next 20 years, the solar PV system on the three Housing Unlimited properties will offset more than 450,000 kWh hours of conventionally produced electricity from the local utility provider, mitigating over 330 metric tons of carbon dioxide greenhouse gas emissions.
“Our mission is to promote independence and mental health recovery for adults by providing affordable, comfortable homes in the community,” says Abe Schuchman, CEO of Housing Unlimited. “Thanks to the commercial solar PPA program with the Green Bank, we are able to install solar panels with no upfront costs while reducing our electricity bills and helping the environment. This is a solution that benefits all.”
The Commercial Solar Power Purchase Agreement (CSPPA) program developed by the Green Bank allowed Housing Unlimited to install solar and experience the benefits of solar with no out-of-pocket costs through a no-money-down rental agreement with Skyview Ventures. In this arrangement, Skyview Ventures pays for all maintenance and operations costs, while Housing Unlimited only pays for the electricity produced by the solar system at a contracted price that is lower than the current electricity rate.
About the Montgomery County Green Bank: The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Green Bank supports the County by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
Media contact: Tyniah McDuffie, Communications and Community Engagement Manager