Success Stories
Solar Energy Renovation
Santa Fe County Housing Authority (SFCHA) and Truth or Consequences Housing Authority (TCHA), NM
$1.9 Million provided by TBL Fund
Problem
• 5 properties including Villa Del Sol Apartments that are approximately 50 years old in deteriorating condition and have inefficient energy usage
• Public Housing Authorities (PHA) wanted to preserve housing AND implement Energy Efficent & solar upgrades
• HUD does not allow equity or debt on PHAs ➔ EPC is the only solution
• Projects were too small to interest mainstream institutions
Solution
Project Sunlight
• Entire Five Properties signed up for EPC
• ICAST as contractor and TBL Fund as investor
• SFCHA - 220 kW PV / TCHA - 233 kW PV
• HVAC replacements, Low-flow devices, LED Lighting, Ventilation, Weatherization, Smart thermostats, CO and Smoke Alarms
Financing
- Financial Institutions via the Community Reinvestment Act (CRA)
- U.S. Department of Agriculture-Rural Development
- Program-Related Investments from Foundations
- Impact investors
Results
Social Impact
- Improved health and safety for approximately 300 low-income households
- Local Job Creation and Workforce Development
- Over 37 jobs created/retained
- Paid Internships for 10 Youth Build trainees
Economic Impact
- Increased affordability of Housing
- Lifetime utility cost savings of $5,967,489
Environmental Impact
- 38,548,401 lbs of Carbon Emissions reduced over a lifetime
- 11,481,662 kWh lifetime savings
- 1,512,197 Thermal lifetime savings
- 26,691 gallons of water saved over a lifetime