DC Green Bank, a publicly funded bank, has closed on a $385,000 loan for Uprise Solar to support 187 kilowatts of residential solar projects across Washington, DC
This is the latest initiative as part of the bank’s $7.5 million commitment to the community and residential solar projects across the city, which was announced in May by the Mayor Muriel Bowser.
The loan supports the financing of a portion of an existing portfolio of solar projects and will consolidate previous construction loans into a permanent loan that will finance the operation of 24 residential solar projects in the District.
“We worked with several financing organizations to make these 24 projects possible, and we are fortunate to have the DC Green Bank as one of our partners.” Chris Sewell, CEO of Uprise Solar, told Commercial Observer by email. “Their investments have enabled us to grow, allowing us to bring local jobs and clean energy to the city with a great market.”
The projects are projected to generate nearly 3.5 million kilowatts of renewable energy over the next 20 years. Additionally, the projects will reduce greenhouse gas emissions by 2,660 metric tons of carbon dioxide equivalent over the same period. This is equivalent to the carbon dioxide emissions from 298,242 gallons of gasoline consumed, or 2.9 million pounds of coal burned, Sewell said.
Uprise Solar is a certified contractor with Solar for alla program of the District’s Department of Energy and Environment and administered by the DC Sustainable Energy Utility.
Keith Loria can be reached at Kloria@commercialobserver.com.