Enterprise Community Partners and DC Green Bank are investing $12.4 million in the installment of solar panels at Enterprise’s four affordable communities in Washington D.C. The project is set to bring 2.2 megawatts of solar energy to 536 homes.
Enterprise Community Investment and Enterprise Community Loan Fund are part of the financing team, with DCGB backing the investment with a $3.8 million affordable construction loan. Enterprise will be able to deploy more capital with lower financial risk, due to additional support offered by the Solar Revenue Put production insurance from kWh Analytics.
Reducing carbon footprint
Solar carports and electric vehicle charging stations will be installed at Edgewood Commons in Ward 5 and The Overlook at Oxon in Ward 8. Randle Hill and Arbor View communities in Ward 8 will have rooftop solar panels installed.
The solar panels will eliminate greenhouse gas emission by the equivalent of approximately 1,794 tons of carbon dioxide annually. Enterprise Community Development, installer Prospect Solar and local community providers will also offer a complete workforce development program to interested residents. A new community solar program will provide a 25 percent discount on the electric bills of subscribers.
Enterprise Community Development is planning to install solar panels across its entire portfolio, for more than 3,000 affordable homes. Last year, Enterprise Community Partners closed its largest LIHTC fund, a $341.5 million fund allocated for the preservation and creation of 2,997 affordable units.
