In late April, AMCAL Housing, a leading affordable housing developer, enrolled 11 Southern California multifamily rental projects in a solar hot water system financing, development and maintenance program developed by Skyline Innovations, headquartered in Washington, D.C. As a result, AMCAL has secured a ten-year 30 percent discount to its utility rate for solar hot water used by each building in the enrolled projects with no capital infusion. The Skyline Innovations solar financing program enables multifamily affordable housing projects to receive immediate guaranteed savings with no upfront cost. Skyline Innovations will also provide monitoring and maintenance of the systems for 10 years.
The 11 solar projects located in Los Angeles and San Diego total 389 collectors and will provide hot water to more than 2,100 residents, thereby reducing the use of utility-supplied fuel. It is anticipated that the solar hot water systems will offset approximately 45,000 therms of energy use annually with clean, renewable energy, the equivalent of 1.34 gigawatt hours each year. Cost savings will be passed through to the residents of the affordable housing projects in the form of reduced utility expenses.
The Maryland Energy Administration named the Skyline Innovations business model a clean energy “game changer”. While specializing in market rate multifamily properties, Skyline Innovations is looking to take a lead in affordable multifamily housing.