Solar energy has chronically had trouble getting access to the investment side of low income
housing development. The concept of tax credit finance for low income housing is that low income folks need housing, spend money on rent, benefit the community when they have stable housing, but struggle to make long term investments individually and on their own.
The low-income housing community essentially aggregates the economic power of lots of low-income people and puts it to best use making long term investments in excellent quality housing. More commonly, energy efficiency goals were achieved through investments in better-than-lowest-common-denominator systems and features (heating, cooling, insulation, appliances, etc.). As solar applications earn their place in that mix, they help maximize the benefits of the wise long-term leveraged investments made by our sophisticated housing developers to keep housing costs both low and predictable for the low-income tenants who need it most.
Brendan Malley from Norwich Solar Technologies put it this way. “In our self-interest, this is a market that can scale. Low-income housing is constantly under development, and solar can become one of the elements that is included as a matter of course.”
Making solar and building efficiency affordable to everyone includes every income level. To move to a fossil-fuel free future, we need to clearly address this issue and continue to make energy-efficient housing available to all.
Many recent housing development projects in G.E.T’s region are examples of how this can be achieved for low- and moderate-income residents.
To learn more, go to norwichsolar.com or call the folks at Norwich Solar Technologies at 802.359.7405.