Project Name: Developing and Piloting Solar Financing Models to Expand PV Access to Low- and Moderate- Income Americans
Funding Opportunity: Solar Energy Technologies Office Fiscal Year 2018 Funding Program (SETO FY2018)
SETO Research Area: Soft Costs
Location: Denver, CO
SETO Award Amount: $999,935
Awardee Cost Share: $253,964
Principal Investigator: Ravi Malhora
-- Award and cost share amounts are subject to change pending negotiations --
This project is developing an approach to increase access to solar, or solar plus storage, for low- and moderate-income (LMI) residents of multi-family affordable housing (MFAH) properties. The team is building a business model that overcomes practical and financial challenges associated with solar installations for these Americans and aims to pilot the approach in at least one MFAH property.
The team is creating a database of locations and risk profiles of MFAH properties. They will partner with key stakeholders, including utilities, MFAH properties, and equity and debt investors, to adapt best practices for solar financing. They will then create a sustainable and scalable business model, in which demand from multiple MFAH properties is aggregated into one solar investment, and will standardize processes and documentation to reduce costs.
This team is building an innovative business model that has the potential to significantly reduce costs for solar installation on MFAH properties. These cost savings will dramatically increase access to solar for LMI residents and lower their energy costs in the process. Because cost remains one of the primary barriers to large-scale adoption of solar, especially for LMI households and communities, this work has the potential to significantly increase the deployment of solar energy in the U.S.