Deal Spotlight
Financing Multifamily Solar
to Support Local Law 97 Compliance
0
kWh
Projected Annual Energy Production
0
MT CO2e
Lifetime GHG Savings
$
0
Annual Cost Savings
The Building
Building type
Multifamily (rental)
Building size
1 Building
41,920 Square Feet
54 Units
Location
Queens, NY
NYCEEC Loan Product
Direct Loan
Project type
Solar PV
Upgrades
Solar PV array
roof insulation
Term
10 Years
Closing Date
October 2022
The Project
NYCEEC provided financing for the installation of a 32.4 kW solar energy system installation and a roof overlay with insulation improvements at a multifamily rental building in Forest Hills, Queens. The project represents an investment toward compliance with New York City’s Local Law 97 and will generate renewable power while completing necessary ancillary work with additional efficiency benefits. By timing the solar system installation with the roof work, the borrower capitalized on an opportunity to efficiently realize energy cost savings and minimize disruptions.
Total Project cost
$332,327
Incentives
$41,040
Borrower Equity
$54,287
NYCEEC Loan
$237,000
Annual Savings
$8,932
The Results
NYCEEC’s loan will partially fund the roof replacement and installation of the solar array, providing energy cost savings for the building and supporting the greening of multifamily building stock in NYC.
Note: Projected energy savings based on source savings