Deal Spotlight
Multifamily Express Green (MEG) Loan for Co-op Solar PV in Brooklyn
$
NYCEEC Loan
kW
DC Capacity
0
MMBtu
Projected Lifetime Energy Savings
0
MT CO2e
Projected Lifetime GHG Savings
The Project
Building Type
Multifamily Cooperative
Building Size
1 Building
60,282 Square Feet
Year Built
1931
Location
Brooklyn, NY
Project Type
Electrification
Upgrades
Solar PV roof-mounted system and related roof repairs
NYCEEC Loan Product
MEG Loan
Term
10.5 Years
Closing Date
June 2024
NYCEEC provided a $178,000 construction-to-term Multifamily Express Green (MEG) loan to The Foster Arms, a 52-unit residential cooperative building in Brooklyn. The project scope includes the installation of a 34.9 kW DC Solar PV roof-mounted system and related roof repairs. NYCEEC’s MEG Loan offers a cost-effective, expedited closing process, with project funding available in as little as 6 weeks for green building projects.
NYCEEC Loan
$178,000
NY-SUN Incentives (expected)
$35,000
Additional Sources
$20,000
Total Project Cost
$233,000
The Results
When completed, the solar installation should fully offset the energy consumption in common areas, lower electricity costs for residents, and support New York City and New York State’s clean energy goals. The new roof should not only allow for the solar installation but also improve the quality and longevity of the building, improving the lives of building residents.