November 22, 2016
SunBug is proud to announce the completion of a community-shared solar project located at The Lofts at Westinghouse. Located in Hyde Park, these condominiums are now home to 648 high-performance SunPower solar panels, projected to generate 255 megawatt hours of electricity each year. This will help prevent 179 metric tons of carbon dioxide from being emitted into the atmosphere. 179 metrics tons is roughly the amount that would be produced by burning over 20,000 gallons of gasoline (source).
The rooftop solar array will produce enough energy to eliminate common area electricity expenses, plus each unit owner will receive (on average) 2 months per year of electricity billing credits for their own units. The project was financed in its entirety with a bank loan, meaning that there was no depletion of condo reserve funds, no unit owner special assessments, and no increases in condo fees. Payments on the bank loan will be covered by two sources: common area electricity expense savings plus SREC (Solar Renewable Energy Certificate) income. Perhaps most significantly, the entire solar project is cash flow positive from its first year of operation onward.
Converted in 2010 from a former Westinghouse industrial manufacturing facility, the Lofts at Westinghouse are designed as unique and attractive urban living spaces with a community feel. The condo association is comprised of 78 units: 62 residences, 12 artist studios, and 4 commercial units. It’s a unique blend of residential, commercial, and artist unit ownership – the property also features an on-site art gallery.
Now, with their new photovoltaic system, the residents and artists at the Lofts at Westinghouse are broadening their commitment to their local community and to their natural environment, and will enjoy the benefits and savings associated with solar for years to come.
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