Hampshire Tower Apartments, a 216-unit affordable high-rise multifamily building located in Takoma Park, has secured a $370,000 Small Business Energy Savings Support (“SBESS”) loan by the Montgomery County Green Bank and City First Enterprises. “Hampshire Tower Apartments is making significant improvements to its energy footprint, and solar is one of the measures it is using to get there.”
The 159 kw solar array, installed by Solar Energy Services, will offset approximately $25,000 in energy costs per year and generate an additional $5,000 in SREC revenue for Hampshire Tower Apartments. Not only will the solar PV system mitigate 130 metric tons of greenhouse gas emissions per year, it will also produce a positive net cash flow for the property that will help maintain the affordability of energy costs of residents for years to come.
Using the Small Business Energy Savings Support program, the Green Bank in partnership with City First Enterprise, supported the project. The SBESS Program developed by Montgomery County Green Bank and City First Enterprises allowed Hampshire Tower Apartments to access flexible capital in a manner that made this project feasible.