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Deal Spotlight
Geneva Solar Village
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Projected Energy Savings
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Projected GHG Savings
The Building
Building type
Affordable Multifamily
Building size
3 buildings
64,512 square feet
75 units
Year Built
2021
Location
Geneva, NY
Project type
New Construction
Upgrades
Net Zero Energy, Solar, Storage
NYCEEC loan product
Construction Loan
Term
1.5 Years
Closing date
June 2021
The Project
NYCEEC provided early construction funding for Geneva Solar Village, a 75-unit affordable multifamily rental building in Geneva, NY, that is a winner of NYSERDA’s Buildings of Excellence Award. The Project, which employs modular construction, will be built to Net Zero Energy standards, incorporates solar and storage technologies, and will use excess solar generation for electric vehicle charging.
Total project cost
$15,331,296
Incentives
$1,839,500
Other sources
$13,051,796
NYCEEC loan
$440,000
Estimated GHG emissions saved over project lifetime
13,817 metric tons of CO2e
The Results
NYCEEC funds were provided at a critical juncture for the Project, where significant capital expenditures were required to keep the project on track, but permanent financing had not yet been received. With this NYCEEC loan, Geneva Solar Village will be one of the first developments in the northeast US to use advanced energy management to integrate solar, energy storage, critical load management and electric vehicle charging, all while serving low- and moderate-income communities.