Deal Spotlight
Elmo Homes Co-op Solar Installation
$
0
Annual cost savings
0
%
Projected energy savings
0
%
Projected GHG savings
The Building: Elmo Homes Co-op
Building type
Multifamily
Building size
1 buildings
16,896 square feet
24 units
Year built
1928
Location
Brooklyn, NY
Project type
Solar PV
NYCEEC loan product
Direct
Term
10 years
Closing date
November 2016
The Project
Elmo Homes is a self-managed 24-unit co-op building. The owners wanted to purchase and install rooftop solar to generate electricity onsite and lower greenhouse gas emissions. Project developer, Zero Carbon, partnered with the NYCEEC to create an integrated technology and finance solution, including a 30.7 kW photovoltaic system and a new metering system capable of aggregating usage data from each housing unit, all with no upfront cost to the co-op association.
Total project cost
$200,000
Incentives
$21,494
NYCEEC loan
$181,582
Annual savings
$10,992
Simple payback period
16.75 years
The Results
Zero Carbon projects that the system will produce 94% of the building’s typical annual electricity use. Net metering will allow the building to sell back to the grid the excess power it generates during the day. The result will be annual cost savings of $10,992, more than enough to cover the payments during the period of the loan, and to benefit the co-op owners once the loan is paid off.