West Elmwood Housing Development Corporation for Westfield Commons
Location: Providence, RI
Loan Amount: $170,167
Project Description: West Elmwood used a Mini-Perm Energy loan to purchase and install a solar array as part of a mixed-use office and affordable housing development. It is expected to provide at least 80% of the electrical needs of the common area of the housing complex and WEHDC’s office, helping reduce operating costs and minimizing the risk of severe energy cost spikes. Savings will provide resources for programmatic activities.
West Elmwood Housing Development Corporation (WEHDC) enables home ownership, community engagement, and economic development in the West End of Providence, RI. They have developed the Rau Fastener Complex, a group of 19th century mill buildings, into 16 market rate and affordable living units and 5000 square feet of office space for three businesses, including the WEHDC.
In a second development phase, NeighborWorks Capital provided a loan that leveraged a $100,000 state grant to install a 48 kW photovoltaic power system. These solar panels cover the entire south facing portion of the roof and provide electricity for the common areas and office spaces, selling extra generation back to the grid.
In the first year, WEHDC paid half of the principal with federal tax credits and revenues from renewable energy credit sales. These credit sales will cover the cost of interest payments for the life of the seven year loan. Learn more about our Mini-Perm Renewable Energy Loans.