Boston Community Capital (BCC) says it will develop an additional 4 MW of solar capacity for affordable housing, nonprofit organizations and community facilities. The nonprofit has committed to the effort in support of President Obama's recent solar push.
BCC has created financing structures to make solar power accessible to affordable housing developments, nonprofit organizations and other community institutions, which often cannot take advantage of existing solar incentives, most of which are tax-based.
BCC's model leverages existing market tools and third-party capital to assemble the financing necessary to install the solar panels so that the affordable housing developments or community organizations hosting the panels pay nothing up front. BCC retains ownership of the panels, and in exchange, the host institutions make a long-term commitment to buy the electricity produced.
The organization has already purchased, developed and placed over 17,600 photovoltaic panels. Two-thirds of BCC's solar projects serve multifamily affordable housing developments, where the panels typically meet 100% of the buildings' common-area electricity needs. The rest serve nonprofit organizations and community facilities, such as the Greater Boston Food Bank.
‘All communities – regardless of income level – should be able to benefit from solar power's cost savings and price stability and take part in efforts to address climate change,’ says BCC CEO Elyse Cherry. ‘We are working to make that a reality, and we are proud to join President Obama in his efforts to expand solar power nationwide.’