Vermont Business Magazine Housing Vermont’s first net metered solar energy facilities are online and generating electricity for the grid as well as long term reductions in energy costs for 354 apartments owned by the state’s largest nonprofit developer of affordable housing. Two photovoltaic (PV) systems, located in Ferrisburgh, consist of a 500kW (AC) system located on an otherwise undevelopable parcel off Route 7 and a 150kW (AC) system located off Greenbush Road. Under an agreement with Green Mountain Power, 11 properties in northwest Vermont will benefit from net metering credits generated by the two facilities.
Vermont’s innovative group net metering program allows small power producers to set up their own renewable energy facilities and receive monetary value for their production in the form of net metering credits. These net metering credits can then be allocated to the members of the net metering group.
“Our first venture into the world of net metering is a great success story,” commented Kathy Beyer, Vice President for Development at Housing Vermont. “As net metering customers, our affordable housing properties will receive a meaningful discount on their electric bills, saving thousands of dollars every year.”
Housing Vermont contracted with Encore Renewable Energy, under a turnkey contract, to design, develop and construct the facilities. The organization utilized creative equity financing from People’s United Bank and debt financing from both PUB and Vermont Economic Development Authority to finance the project in a way that maximizes the benefit to the affordable housing.
“We are proud to support Housing Vermont and its efforts to provide more affordable housing to Vermont. This solar project will directly benefit 11 of their properties with reduced electric expenses,” remarked Marilyn Hardacre, Senior Vice President, People’s United Bank. “Housing Vermont is a leader in bringing energy efficiency to its affordable housing inventory.”
“Encore is thrilled to have been able to work with Housing Vermont on the delivery of these two exciting solar projects,” said Encore Renewable Energy President Chad Farrell, “The work of Housing Vermont is integral to our home state, and we were glad to support that work in a small way by helping to guide the organization through a thoughtful investment in solar PV”.
Source: Housing Vermont 2.18.2016