Sunrun Provides Affordable Housing Community with Clean Energy Savings and Price Stability
07 Novembro 2023 - 10:00AM
BLDG Partners, the Foundation for Affordable Housing, the City of
Orange and Southern California Edison partnered with Sunrun
(Nasdaq: RUN), the nation’s leading provider of clean energy as a
subscription service, for a ribbon-cutting ceremony to celebrate a
new solar installation at The Knolls, an affordable housing
community in Orange, California.
The project–one of the largest affordable housing solar
installations to be completed in California–provides solar energy
credits to 260 apartment homes and saves each family an average of
$60 per month on their electricity bills through virtual net
metering. Over the next 20 years, the system is projected to save
over $6 million for the low-income residents.
The 646-kilowatt solar system was installed on existing carports
throughout the community. Eighty-nine percent of the energy
produced by the solar panels will be credited to the residents’
accounts, free of charge. The project was made possible
through the California Public Utilities Commission’s SOMAH (Solar
on Multifamily Affordable Housing) program and the Inflation
Reduction Act. State funding for the initiative comes from
polluters who purchase greenhouse gas allowances through the
state’s cap-and-trade program and is a concrete demonstration of
California’s commitment to reducing the climate impacts of the
built environment.
“Everyone deserves access to affordable, abundant, and
predictably priced clean energy," said Sunrun CEO Mary Powell.
“Sunrun is dedicated to advancing energy equity, which is
particularly impactful for lower-income communities and renters
that value energy security and stability. We take great pride in
delivering clean energy and substantial monthly bill savings to the
residents of The Knolls.”
“Energy efficiency is a core element of BLDG’s strategy for
improving affordable housing,” said Karen Esparza, Vice President
of Asset Management at BLDG Partners. “An estimated 65% of energy
usage at The Knolls will now be offset by local, renewable sources.
Not only are we making a material impact on the environment, but we
are also bringing meaningful savings to our residents– around $700
per year per household. The City of Orange, Southern California
Edison, and Sunrun have been dedicated partners, and we are so
proud to see the project come to fruition.”
“In a time of runaway energy inflation, the solar panels
installed at The Knolls will help the property and residents, who
are all renters, by providing a retail billing credit directly to
their Southern California Edison electric bill through virtual net
metering,” said Scott Sarem, vice president of Multifamily
Affordable Housing at Sunrun. “Solar takes the variable risk
of energy inflation out of the equation for affordable housing
developments.”
“The Knolls Apartment community has a history of providing
dependable and affordable housing for families in the City of
Orange,” said Jonathan Russo, Senior Asset Manager for the
Foundation for Affordable Housing. “Established in 1963 and
subsequently renovated in 1996, this 260-unit complex offers a
critical source of quality affordable housing for its residents.
The Foundation is proud of our partnership with BLDG and the City
in preserving the property's purpose and affordability while also
improving its condition and services for residents. Our shared
mission is to continually enhance this property and we are thrilled
to announce the installation of solar panels as a significant step
towards furthering this goal.”
About SunrunSunrun Inc. (Nasdaq: RUN)
revolutionized the solar industry in 2007 by removing financial
barriers and democratizing access to locally-generated, renewable
energy. Today, Sunrun is the nation’s leading provider of clean
energy as a subscription service, offering residential solar and
storage with no upfront costs. Sunrun’s innovative products and
solutions can connect homes to the cleanest energy on earth,
providing them with energy security, predictability, and peace of
mind. Sunrun also manages energy services that benefit communities,
utilities, and the electric grid while enhancing customer value.
Discover more at www.sunrun.com
About the Foundation for Affordable HousingThe
Foundation for Affordable Housing (FFAH) creates safe, comfortable,
high-quality, affordable homes that enrich the lives of their
residents and add stability to the surrounding community. Whether a
development is a strategic partnership or one of the many they own,
their team focuses on the construction, acquisition, and operation
of low-income, special needs and senior housing.
About BLDG PartnersBLDG Partners is a Southern
California-based real estate investment firm founded in 2010 that
focuses on the preservation of workforce and affordable housing.
BLDG is proud to work collaboratively with public and private
organizations in planning and deploying investments focused on
green energy and efficiency.
Media ContactWyatt SemanekDirector, Corporate
Communicationspress@sunrun.com
Investor & Analyst ContactPatrick
JobinSenior Vice President, Finance &
IRinvestors@sunrun.com
Photos accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b64d0f6e-af1f-4c19-913e-beda36077234
https://www.globenewswire.com/NewsRoom/AttachmentNg/50842d91-895a-4b65-9861-446a849b9920
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