Everyday Energy Commits to Producing 30 Percent of Obama’s Affordable Housing Solar Energy Goal
Shortly after meeting President Obama during a renewable energy event in California today, Everyday Energy announced it will deploy solar systems producing 30 MW of renewable energy toward the Administration’s goal of providing 100 MW for publicly supported housing by 2020. Everyday Energy’s commitment of 30 MW is equivalent to planting 1,270,000 trees or offsetting 31,150 tons of CO2.
Through projects committed by 16 client partners such as EAH Housing, Chelsea Investment Corporation and Community Housing Works, Everyday Energy will bring 30 MW of solar energy online affecting approximately 39,000 low income residents. In addition to helping each unit realize an average savings of 80 percent off their energy bill, Everyday Energy solar systems also reduce the operating cost of each affordable housing property.
We stood out to the Administration because our company has successfully utilized financial tools that leverage private investment, which is necessary for scaling renewable energy in affordable housing markets.
The multifamily affordable housing segment continues to be the most promising market in the US for solar power. In California we’ve found that when compared to single family affordable housing, multifamily solar projects not only reduce energy costs for a significantly higher number of people, but have greater scalability resulting in much lower acquisition cost.
We expect that within two years we will achieve our commitment of bringing 30 MW of solar power online, well in advance of President Obama’s 2020 deadline. The projects to achieve this goal are all located in California, and are spread across the state from San Francisco and Monterey to Los Angeles and San Diego.
We’re proud to play a big role in achieving President Obama’s 100 MW goal – and our 30 MW commitment is only based on projects we already have on the books over the next 18-24 months and we expect to contribute beyond 2016 and provide much more than 30 MW of solar power toward the Administration’s goal by 2020.