About the Project:

Silverton Condominiums, a 210 unit, 5 story condominium building built in 2006 in the heart of the bustling downtown Silver Spring, MD, recently installed a 106.2 kW solar PV system on the roofs of their building. This project was installed by Aurora Energy and is being managed under a Power Purchase Agreement with Skyview Ventures.

The Silverton Condominiums in Silver Springs, MD will produce 126,636 kWh of clean, renewable solar energy throughout the first twelve months of use. Over the next 20 years, the Solar project will avoid the consumption of 2,532,725 kWh of energy not sourced from the local utility provider, mitigating 1,795 metric tons of carbon dioxide and greenhouse gas emissions. These energy savings will lead to a projected savings of $257,612 over 20 years in reduced electricity bills for the condos.

Financing Details

The solar project will be financed through a 20-year Power Purchase Agreement between Skyview Ventures and the Council of Unit Owners of Silverton Condominiums. Montgomery County Green Bank will cover 70% of the installation cost, with Skyview Ventures, the developer, covering the remaining 30% of the cost of the installation.

Montgomery County Green Bank’s Role

The Montgomery County Green Bank provided a $212,204 direct loan to Skyview Ventures.

The Commercial Solar Power Purchase Agreement (CSPPA) program developed by the Montgomery County Green Bank allowed Silverton Condominiums to install solar and experience the benefits of solar without upfront costs through a no-money-down rental agreement with Skyview Ventures. In this PPA, or rental agreement, Skyview pays for all maintenance and operations costs, while Silverton only pays for the electricity produced by the solar system at a contracted price that is less than the current electricity costs from the utility provider.

Project Snapshot

Building Type:

210 condominium units in the Silverton Condominiums.

Property Upgrade Summary:

Installation of a 106.2 kW solar PV system on the roof of the Silverton Condominiums.

Loan Amount:

The loan from the Green Bank to Skyview Ventures totaled $212,204.

The CSPPA program allows building owners to experience the benefits of solar energy with no out-of-pocket costs and without the burden of owning and maintaining a solar PV system.