Boston-based Resonant Energy has announced the Solar Equity Platform whereby solar users can install more solar than they need, and share the excess with low-income families. Not only does this help families use clean energy who otherwise may not be able to afford it, but in Massachusetts, the donation makes systems eligible for larger state incentives, significantly improving project economics.
So far the company has a handful of residential customers, a children’s museum and a group of multifamily affordable housing projects on the platform that are already donating what amounts to about $23,000 a year in no-cost credits to low-income customers. The host customers are benefiting from a lower per-panel installation cost and the generous Massachusetts state tax incentives.
“Through our partnerships with local advocacy groups and solar providers, we hope the Solar Equity Platform will be a tool used to build intergenerational sustainability and foster education in communities that have historically been underserved by the clean energy industry,” said Kelsie Daniels-Jackson, Environmental Justice Program Manager at Resonant Energy.
An affordable housing provider, Homeowners Rehab (HRI), will be the among the first projects on the platform, and will be able to install an additional 49 kW of solar across its 24-site portfolio, for a total of 326 kW. The installation is 15% larger than what was originally planned, and by using the platform, the excess electricity will go to help offset electric bills of some of its low-income tenants.
“We are excited that we were able to oversize our solar projects through the Solar Equity Platform,” said Will Monson from Homeowners Rehab, Inc.” Resonant estimates that we’ll be able to send 55,000 kWh (worth ~$13,000) to low-income tenant bills per year, which would be a significant financial burden lifted off of many of our residents.”
The Solar Equity Platform is one of 10 teams competing for more than $500,000 in prizes in the Department of Energy’s American-Made Competition, and the company just announced that it has been selected as a finalist for the fifth round. Winners will be announced on September 22, 2022 at the RE+ clean energy convention in Anaheim, Calif.
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