13. Sunwealth Partner Spotlight: The Power of Building Community One Solar Portfolio at a Time
“Alone, we can do so little; Together, we can do so much”
- Helen Keller
By Leanna Rybacki , Project Development Associate
In this thirteenth installment of our Banking on Solar series, we highlight the development of our 186kW community based project in partnership with Caritas Communities and Boston Solar.
To start at the beginning of the series, read Banking on Solar.
As vaccines roll out and springtime rolls in, the light at the end of the tunnel continues to brighten. My “light” is making plans to babysit my 5-year-old niece who I have not hugged in a year, and my 8-month-old nephew who I have not yet held. No matter who you are or what your “light” is, chances are you have been deeply affected by this past year. Without a doubt, our local businesses and organizations have been challenged, and support from community banks has been crucial to economic durability. Sunwealth has been fortunate to be able to continue to safely develop and fund community-based solar installations—a feat that would have proved impossible without our network of local and dedicated partners and investors.
Historically, there have only been a few large parties involved in financing and building solar installations such as megabanks and national solar development and installation companies. Like community bankers, Sunwealth does things a little differently. Having worked for Sunwealth for over two years as a project developer, I have been lucky to become familiar with a highly qualified and energized band of local installers and developers across the country who are all eager to strengthen and improve their communities with new clean energy projects. I am proud to work with these businesses and with local nonprofits to grow our solar infrastructure and extend our impact through community-based solar, especially in my home state, Massachusetts.
A Prime Example of Community-Based Solar
I am excited to highlight one of my favorite portfolios, which is now breaking ground. Sunwealth is building a series of solar projects, totaling 186 kW, on the rooftops of 12 affordable multifamily apartment buildings in the Greater Boston area that are owned by nonprofit affordable housing and services provider, Caritas Communities. Through our partnership with Caritas Communities and Boston Solar:
1. Caritas will host the solar projects and purchase power at a discount from Sunwealth.
2. Boston Solar will design, build, and maintain the solar projects.
3. Sunwealth develops, finances, manages, and operates the solar projects.
Caritas Communities: An Impactful Project Host and Power Customer
Caritas Communities, a Boston-based nonprofit, matches individuals experiencing homelessness with permanent housing and support. “Today, Caritas owns and manages 33 properties in Greater Boston serving over 1,000 individuals annually, 70% of whom have experienced homelessness, and all of whom know the trauma of poverty,” says Amy Meneely, Director of Communications at Caritas Communities. With a growing portfolio ranging from historic homes to new construction, energy bills become a hefty expense for the nonprofit.
“The addition of renewable solar power to reduce our reliance on expensive fossil fuels will benefit our residents by helping to support our bottom line and enable us to keep rents low,” says Meneely. She also added that “efforts to alleviate global warming align with our mission to improve the lives of those who are economically disadvantaged.”
Caritas is expected to reduce its electricity bill by $143,800 over the life of the solar projects.
Boston Solar: Local, Quality Solar Installer
We intentionally partner with exceptional local solar partners to make our projects happen. For the Caritas Communities portfolio, the logical course was our trusted local installation partner, Boston Solar. Based in Woburn, MA, Boston Solar has had over 4,500 solar installations in its almost 10 years. Boston Solar is one of Massachusetts’ most experienced and reputable solar installers due to their commitment to high-quality workmanship. Mission-aligned with Sunwealth, Boston Solar emphasizes their support for community.
Daniel Mello Guimaraes, CEO and Co-Founder of Boston Solar, says “We are very proud of our partnership with Sunwealth. At Boston Solar, we share similar values. We are passionate about delivering impact to our local community through good job creation, lower operating expenses, and reduced carbon footprint. We are particularly proud of our work with nonprofits that are key pillars of our local community, such as Caritas and Centerboard."
Over the last several years, Sunwealth and Boston Solar have partnered to install over two dozen community-based solar projects on houses of worship and nonprofits across Greater Boston with more to come, including a forthcoming portfolio with Centerboard, another nonprofit human services organization.
Pictured above: Father Pishoy of St. Mary & St. George Coptic Church in Scituate, MA, where Sunwealth manages a 31 kW DC system on the roof that was built and is maintained by Boston Solar. The project produces around 37,000 kWh of clean energy and provides savings to the church through a discounted Power Purchase Agreement.
In my time at Sunwealth, I have had the opportunity to develop a diversity of high quality and impactful solar projects. One thing remains constant across our portfolio: an intentional commitment to community and inclusion to make sure that all of us can benefit from the clean energy economy. The projects we have under construction would be impossible without our local partners and investors; their drive and resilience throughout the pandemic has allowed us to continue to bring renewable power to the people. Together with these partners, Sunwealth remains dedicated to strengthening our renewable energy economy and our community, one clean energy project a time.
Learn more about how Sunwealth could put your money to work by reaching out to Darreck Mitchell, Director of Capital Markets at darreck@sunwealth.com.
Leanna Rybacki is a Solar Project Development Associate at Sunwealth where she started her solar career as a college intern. She considers climate change to be today’s greatest challenge, and recognizes that inclusivity is crucial to the fight against it. When she is not advocating for extensive environmental action, she can be found playing with her dog, Izzy.