54. Sunwealth and PowerOptions Partnership Proves Fruitful for New England Nonprofits and Housing Authorities
Farnsworth House, an affordable housing development in Jamaica Plain, MA set to receive Sunwealth solar in the next few months.
Just over a year ago, Sunwealth announced our partnership with PowerOptions; a nonprofit energy buying consortium that works to provide discounted clean energy to nonprofits and public entities in Massachusetts, Connecticut, and Rhode Island through a simplified process.
The collaboration aims to extend our ability to deliver the benefits of solar to low-income communities, housing authorities, and nonprofits.
PowerOptions selected Sunwealth through a competitive RFP procurement. Under this partnership, Sunwealth committed to serve low-income residents through housing authorities and community development corporations, houses of worship, senior living facilities, human services organizations, and centers for performing arts. This partnership allows us to leverage our in-house solar development expertise to increase access to solar, bring impactful community-based projects to life and deliver long-term energy savings and sustainability.
And now, we are seeing the impressive fruits of our labor. Sunwealth has contracted four projects totaling 220 kW on affordable housing developments across Massachusetts through our PowerOptions partnership, set to begin construction early this summer.
One project sits on a public affordable housing development in West Newbury, MA, a 26-unit building owned by the West Newbury Housing Authority. Two others, in New Bedford, MA, are on developments owned by the New Bedford Housing Authority (NBHA): one project is located at NBHA’s Westwood development, and the other is on their Crestview development. Westwood, built in 2018, consists of 12 units and is fully accessible for those with mobility handicaps, hearing impairments, and visual impairments. Crestview, built in 2010, is an elderly-only development with a part-time on-site elderly service coordinator consisting of twenty-four one-bedroom apartments.
Farnsworth House, the final project in our first set of contracted PowerOptions projects, is a 75-unit affordable housing development in Jamaica Plain, MA that serves income-eligible elderly residents and individuals with disabilities. It is owned by Rogerson Communities, a nonprofit dedicated to providing housing and healthcare services for low-income communities in the Boston area.
A recent Sunwealth affordable housing project, developed independently of PowerOptions, totaling 167 kW at Orient Heights, a development in East Boston, MA.
In total, these PowerOptions projects will remove almost 5,300 tons of carbon, create nearly 8 solar job years, and generate over $776,100 in electricity savings over their operational lifetimes. By partnering with a trusted organization, that has over 25 years of experience and relationships with New England nonprofits and public entities, Sunwealth is able to expand our reach and footprint. And with 33 projects – over 1 MW – in our PowerOptions pipeline, this progress is set to continue. Partnerships are key to our mission. Collaborating – with PowerOptions, local developers, nonprofits, and community banks – enables us to build wealth, resilience, and sustainability in communities across New England and beyond.
About Sunwealth
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Combining deep experience in solar development and finance with roots in community and impact investing, Sunwealth invests in commercial solar plus projects delivering clean energy and energy savings to communities while providing strong financial returns to investors and community partners. Since 2014, the company has invested over $201 million in 659 community-based solar projects nationwide; the company has delivered targeted returns to investors for over 9 years with no defaults. For four consecutive years, Impact Assets named Sunwealth to its IA50, a leading list of impact fund managers; Environmental Finance awarded Sunwealth its 2023 Award for Innovation – Bond Structure (Social Bond) and named Sunwealth’s Solar Impact Fund its ESG Fixed Income Fund of the Year. Learn more at www.sunwealth.com.