The Solar Project

In 2014, several Loft owners asked the Board of Managers to investigate the concept of “greening” the building by adding solar power to the building. This began a two year project that went live in late 2016.

The goal of the project was to add a capital improvement to the building that would provide power through a renewable resource, while adding value to the condo properties. After an extensive search and several informational meetings, Sunbug Solar was contracted to build a 648 solar panel system, projected to generate 255 megawatt hours of electricity each year. This would cover the electrical usage for the common areas in the Lofts, as well as offset, on average, 2 months of each owner’s electricity usage per year.

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.

The project 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.

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