Green Bank Collaboration to Finance
Electrification and Solar + Storage for
Affordable Multifamily Housing
Annual Projected Energy Savings
0 mt of CO2e
Annual Projected GHG Savings
Affordable Multifamily Rental
262,000 Square Feet
216 Affordable Units
Takoma Park, MD
Solar PV, Battery Storage, Electrification
NYCEEC Loan Product
NYCEEC participated in a $4,500,000 loan led by Montgomery County Green Bank (MCGB) to finance building electrification measures and a 400-kW battery storage system at an affordable multifamily building in Maryland. The building electrification measures include air-source heat pumps and mini split systems and a 159-kW rooftop solar PV system. All 216 units are rent regulated at 60% of AMI. Additionally, the project was approved to serve as a resiliency hub and in turn will receive grant funding from the Maryland Energy Administration.
Total Project Cost
The project will electrify a major portion of the systems for a large, regulated affordable multifamily building. Tenants will be the beneficiary of operating expense savings associated with the electrification measures, as well as the solar energy generation. NYCEEC is excited to partner with Montgomery County Green Bank on a second transaction to bring green measures to affordable multifamily housing.