New York, NY – December 15, 2016 – Nazareth Housing will be the recipient of the inaugural project from Affordable Solar New York, an initiative that will bring low-cost solar power to affordable housing providers in New York City. The initiative is organized by Solar One, GRID Alternatives Tri-State and Co-op Power, and aims to break the barriers that exist for many non-profit organizations in accessing alternative energy sources. This project will bring low-cost solar power to a Nazareth Housing shelter building on the Lower East Side, utilizing no-cost technical assistance, reduced-cost installation and zero-down financing.
Solar One and GRID Alternatives provided technical assistance for the project, which will be installed by GRID Alternatives in early 2017, and financed through Co-op Power’s innovative financing. The solar electric system will provide more than 80% of the building’s annual common area electricity and is projected to save the organization 30% on its overall electricity costs over the system’s 25-year life.
“For nearly 35 years, Nazareth Housing has creatively endeavored to develop sustainable, affordable housing in the Lower East Side and the Bronx,” said Michael Callaghan, Executive Director of Nazareth Housing. “I am truly pleased that our building will be the inaugural solar project of Affordable Solar New York. Being in a flood zone that was significantly impacted by superstorm Sandy, solar capacity brings environmental and fiscal benefits, while also helping us build resiliency for the future.”