Skyline Innovations will build and finance the installation for solar hot water heating systems across 11 AMCAL multifamily properties in California. The project will give 2,100 residents access to hot water at 30 percent lower costs.
While there are plenty of companies out there that are providing low-to-no up-front financing options for photovoltaics, far fewer companies are offering such options for solar hot water heating. Skyline’s specialty is offering such services for multifamily residences and commercial businesses. At this point it’s operating in Arizona, California, the District of Columbia, Florida, Hawaii and Maryland.
“Along with our specialization in market rate multifamily properties, we are starting to take a leadership role in affordable housing,” said Skyline CEO Zach Axelrod. “It’s great to have a solution that helps those who need it most while benefitting the environment, and being able to measure and validate to our customers exactly the impact that we’ve had.”
The partnership between AMCAL and Skyline is allowing the housing developer to finance the 389 solar hot water collectors for 10 years with no capital outlay. In all, the project is expected to save residents from purchasing roughly 45,000 therms of energy annually, which is equivalent to 1.3 million kilowatt hours of electricity. Which is expected to result in a 30 percent discount, compared to its utility rate for solar hot water used by each building.
“Skyline and AMCAL share a common goal of providing economic vitality and improving the quality of life in local communities. We are thrilled to be able to take advantage of Skyline’s offering, as we see the economic benefits immediately without taking financial risk,” said Alex Nguyen, director of asset management at AMCAL.
The projects in California are affordable housing developments in and around San Diego and Los Angeles. They include the 89 unit Los Vientos complex in San Diego and Camino Al Oro, a 102-unit senior affordable housing development in Los Angeles’ Lincoln Heights neighborhood, according to Skyline.
The partnership could breed more business for solar hot water heating systems in the future. AMCAL has more than 2,800 affordable and low-income units throughout California and $260 million of projects under construction.