BRIDGE Announces Completion of its First Solar Project
BRIDGE Housing Corporation is proud to announce the completion of its first solar project under BRIDGE Aggregate Solar Company (BASC). BASC was established to finance, install, and operate solar systems on the roofs of properties owned by Bridge Housing. NHT Renewable, the solar development affiliate of NHT, was the Co-Developer of BASC, helping the Bridge Housing team learn how to own and operate a solar company. NHT Renewable provide the legal structure, financing options, design guidelines, and shared project management to execute the project. Bridge Housing funded the project through a new set of debt, equity, and grant sources specifically for solar. NHT Community Development Fund provided a critical $700,000 loan for a 15 year term to make the project work.
880 Kilowatts of solar power was completed across eight properties with no cost to the properties themselves. Currently, BASC is one of the largest affordable housing solar projects accomplished under one financing structure. The total investment is $2.5 million. Thirty (30%) percent of the solar power generated will be given away at no cost to residents—worth approximately $40,000 per year—while the other 70% of the power, worth approximately $120,000 per year, will be used to reduce operating expenses at the properties and protect against rising utility prices. These installations will increase the financial strength and long-term affordability of Bridge Housing and its properties. In addition, the deployment of on-site renewable energy will reduce the carbon footprint of this property and create a positive environmental impact. The installations are located at the following properties across Northern and Southern California:
- Oak Circle | 1410 Roberts Ave, San Jose
- Peninsula Park | 1977 Tate Street, East Palo Alto
- Sycamore Place | 35 Laurel Drive, Danville
- Redwood Shores | 400 Redwood Street, Vallejo
- The Arbors | 100 Civic Drive, Hercules
- Madera Vista, I and II | 44155 Margarita Road, Temecula
- Madera Vista, III | 44155 Margarita Road, Temecula
- Marina Annex | 575 Sacramento Street, Vallejo