Mercy Housing, Promise Energy Teaming Up
Mercy Housing and Promise Energy have entered a partnership to increase access to solar energy in the afforable housing market, according MultifamilyBiz.com.
Mercy, which the story says is among the largest affordable housing nonprofits in the country, will install 3 MW or more solar infrastructure across its footprint. The project is expected to reduce emissions by more than 3,000 tons of carbon dioxide annually, according to the press release.
The project will be financed by a power purchase agreement (PPA). Mercy also got a Housing and Urban Development (HUD) grant due to its commitment to the Renew300 program. The grant enabled it develop a request for qualifications that helped it find the most appropriate solar partner for the project.
Affordable housing is unique: Since landlords usually can charge only a percentage of tenants’ income for rent, other ways must be found to increasing earnings. Cutting costs is a main strategy. Photo voltaics – along with LED conversions – are two approaches.
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