We’re dedicated to bringing the benefits of solar to the affordable housing community.
We’ve solved the largest issue when looking to install solar – Cost. We are experts in solar development and offer a variety of strategies and packages that allow our clients and their residents to benefit from the installation of solar.
Our financial solutions:
- Financial strength and stability for tax Credit properties
- Net source for tax credit projects, increasing ability to pay developer fees
- Lock in low electricity rates and avoid increases to utility bills
- Hedge against inflation
- Combine Section 48 solar tax credits with Section 42 LIHTCs
- Increased property value
- No subordination agreement required
Everyday Energy’s solar solutions:
(SOMAH) Solar On Multifamily Affordable Housing Program
More than just a business, Everyday Energy has embraced the role of advocating renewable energy and sustainability programs, while also being a moving force in creating the low-income solar housing market in California.
SOMAH is our most ambitious and successful advocacy project to date—now providing up to $1 billion in solar rebates to multifamily affordable housing property owners beginning in Summer 2018. At the same time, the program will dramatically change the way California’s affordable housing residents receive and pay for their electricity.
Benefits of SOMAH include:
- Increasing your net operating income
- Reducing your expenses
- Stabilizing your assets
- Reducing utility costs for your residents
- Improving the environment
As the originators and champions of this exciting new rebate program, no one is better positioned than Everyday Energy to help put this money to work for you and your developments.
Solar Service Agreement
An exclusive affordable housing focus and expertise has made Everyday Energy the leader in providing solar to multifamily affordable housing. To provide our clients with the most comprehensive solar installation solutions, we have created a proprietary Solar Services Agreement expressly for affordable housing properties. This lease-like agreement has been vetted by the IRS and meets all the requirements of solar investors and has been funded for well over 100 deals. It also taps into Everyday Energy’s financial expertise and deep understanding of the needs of the affordable housing community to ensure that your solar financing doesn’t interfere with your core business of providing affordable housing.
Benefits of the Solar Service Agreement:
- Simple and extremely competitive pricing for affordable housing
- Separate performance guarantee
- No lender documents to execute
- Outright purchase option
- Customer owns the renewable energy credits (RECs)
(MASH) Multifamily Affordable Solar Housing Program
Everyday Energy has been a leading force in the Multifamily Affordable Solar Housing (MASH) program, the original program to provide solar energy incentives on qualifying existing multifamily affordable housing. We were the first to install a MASH system benefitting tenants, the first to install a virtual net metering interconnection in the history of the solar industry, and went on to become the leading installer of MASH solar projects.
When funding ran out for the original MASH program, Everyday Energy helped lead the charge for “MASH 2.0”. The resulting Equitable Access to Solar Energy Bill (AB 217) extended the program through 2021. As part of the program renewal, Everyday Energy proposed and the California Public Utilities Commission adopted a rule that tenants would have to receive a 50% direct economic benefit – that is, half the tenant-serving solar must be given to residents for free – in order to qualify for higher rebates, while still allowing property owners to access the other half of the solar savings to help finance the tenant portion of the solar. This solution unlocked financing, enabling scores of properties to afford larger systems providing clean solar energy to residents and common areas alike.
Everyday Energy continues to fund and construct MASH projects today, even as the program is winding down and the momentum shifts to the new SOMAH program. If you are an affordable housing sponsor with a MASH reservation that you have not been able to bring to fruition, call us today to see how we can realize your project together, this year.
Low-Income Housing Tax Credit
Fund your LIHTC project gap with solar. Renewable energy installation with Everyday Energy creates a bankable increase to your LIHTC project mortgage proceeds and tax equity, providing additional surplus cash at closing to decrease your project funding gap and increase developer fee payable.
Include renewable energy in your project development to generate major improvements in four areas:
- Reduce and stabilize your operating expenses
- Increase net operating income
- Increase mortgage proceeds
- Earn both LIHTC and renewable energy credits on the solar
- Generate additional cash for developer fees or property reserves by including renewable energy in your LIHTC project
Solar has become an integral part of property rehabs and standard on new construction. By including system design and cost in the planning phase for your projects, you can substantially improve the project financials through validated operational savings. Everyday Energy has a proven track record of working with affordable housing developers and lenders to monetize utility savings to support additional mortgage proceeds. Everyday Energy provides an approved and accepted underwriting package in our proprietary model.
Everyday Energy will review your project and propose efficiency measures and energy solutions to maximize your pro forma.
Virtual Net Metering
Virtual Net Metering is a cost effective and efficient way of installing large-scale solar systems on multifamily and multi-resident buildings. It reduces costs by allowing residents to share one solar energy system that feeds one meter used to send electricity back to the grid. The power company then automatically applies the credits from that energy to the tenants in the building offsetting their electricity costs..
Benefits of Virtual Net Metering include:
- Reduced installation costs
- Energy is shared between residents
- Allows for a larger system using less space
- Overcomes building positioning and shading issues
Everyday Energy has spearheaded the design and installation process for Virtual Net Metering in California, working with the California Public Utilities Commission to bring VNEM to all multi-resident buildings in the State. Our installations of over 150 Affordable Housing Virtual Net Metering arrangements are the most in the state.
In the past solar installations for multi-family and multi-resident buildings required separate solar systems for each meter, which was often very complicated, required a lot of space, and was cost prohibitive.
Today, thanks to new energy metering rules and the expansion of Virtual Net Metering (VNM) from affordable housing to all multi-resident buildings, those barriers are removed. This includes office buildings, condo complexes, apartment buildings, and even university and business campuses.
While this is a game changer in the solar industry in California, few solar contractors have the level of expertise as Everyday Energy in installing Virtual Net Metering arrangements.
If you are a property owner, homeowner’s association, or developer and are ready to increase the value of your property and begin reducing your energy costs, give us a call. We look forward to sharing our expertise with you.