BELLMAWR – Solar panels have been installed at Bellmawr Senior Housing through a $1,019,447 grant channeled through the New Jersey Housing and Mortgage Finance Agency.
The HMFA received funding through the federal American Recovery and Reinvestment Act (ARRA) of 2009 as a sub-grant recipient and used to money to develop the Multifamily Solar Funding Pilot Program, which provides zero-interest loans to eligible HMFA-financed multi-family building owners for the roof installation of solar photovoltaic renewable energy systems.
The Bellmawr Senior Housing community was completed in 2007 and was financed by the HMFA. The community includes 130 affordable housing units for senior residents who are 62 years of age and older. Using the Multifamily Solar Funding Pilot Program, the owner was able to increase the energy efficiency of the community and lower its operating costs.
The HMFA committed $1,019,447 for the 167-kilowatt solar voltaic system, which is projected to create 154 Solar Renewable Credit Certificates known as SRECs. These SRCES will generate approximately $69,300 per year, which results in direct utility savings to the building.