New Solar Financing Model Promotes Sustainability and Affordability
NHT Renewable, a green affiliate of the National Housing Trust, represents a new model for financing solar energy in affordable multifamily housing. In September 2014, the U.S. Department of Housing & Urban Development’s Secretary Julián Castro joined community developers to celebrate the grand opening of NHT Renewable at the St. Dennis Apartments in Washington, D.C.’s Mt. Pleasant neighborhood.
Solar power helps harness more environmentally-friendly energy sources, lowering operating costs and maintaining affordable rents for low-income residents. Starting with 10 of its buildings in Washington, D.C., NHT created a model for installing solar systems across property portfolios. NHT plans to install solar panels in over 20 buildings over the next two years.
"Energy costs are among the most significant operating expenses in affordable multifamily rental buildings. Through the Better Buildings Challenge, we are working with building owners to help them meet President Obama’s goal of reducing energy consumption by 20 percent by 2020,” affirmed HUD Secretary Julián Castro. “Installation of solar energy enables affordable housing owners to better maintain rents for low-income families while saving energy and money."
Reducing energy costs is a win-win-win: installing solar energy enables affordable housing owners to reduce operating expenses, reduces greenhouse gas emissions, and allows owners to maintain affordable rents and provide resident services for low-income families and seniors.
Enterprise Community Partners Loan Fund, Inc. provided a $900,000 loan to help launch NHT Renewable’s alongside funds from a MacArthur Award for Creative and Effective Institutions (MACEI) and the District of Columbia Sustainable Energy Utilities (DCSEU).
- New solar financing model for affordable multifamily housing launched in Washington, D.C.
- Solar panels installed on 10 multifamily properties; home to 341 low-income families
- Solar energy enables affordable housing owners to better save money on operating expenses and maintain rents for low-income families