Opportunity
The owners received $1.724M in C-PACE financing for the installation of a 739 kW community solar project installed by SuNation. The project is using community solar to turn their previously empty roof into a revenue generating asset that more than offsets their C-PACE payments, resulting in a cash flow positive project from year 1.
The owners are expected to realize a net savings of $5.4M over the life of the solar array, all with $0 out of pocket.
Property summary
195 13th Ave is an owner-occupied light industrial building located in Ronkonkoma, NY, about an hour outside of New York City in central Long Island.
The future of sustainable energy is solar. It’s clean, renewable, and increasingly more profitable for property owners. C-PACE’s leading benefit is that it covers 100% of the project costs while the owners continue to receive 100% of the incentives from purchasing solar. Most of the financial returns are front-loaded by the Federal Solar Tax Credit and bonus depreciation. Over the 25-year lifespan, the project continues to generate positive annual cash flows after debt service. Solar technology’s performance and cost have come a long way and if owners have the ability to activate their roofs, they should.
Working with Nuveen Green Capital was quick and easy, especially since they’ve worked in Suffolk County before and understand the process. The closing was quick, and funding has been timely and organized.
