Case Study
Rhode Island Affordable Housing Renewable Energy Consortium
Overview
Many affordable housing providers want to pursue renewable energy to reduce costs, but struggle to secure contracts on their own.
Copacity took an innovative approach in Rhode Island: It formed the state’s largest consortium of affordable housing providers and provided members with the expertise to secure a renewable contract.
The consortium members save on average $2.25MM annually – equating to over $30MM in lifetime contract savings.
Solar Project Summary
Location
Lincoln, RI
System Size
3.6 mW
Annual Production
4,500,000 kWh
Interconnection
Net-Metered (remote)
O&M / Warranty
10 Years
Electric Needs
N/A
Wind Project Summary
Location
Johnston, RI
System Size
1.5 mW
Annual Production
6,500,000 kWh
Interconnection
Net-Metered (remote)
O&M / Warranty
10 Years
Electric Needs
N/A
The Challenge
Copacity has always recognized the value of utilizing renewable energy as a means to reduce utility costs for low-income families and affordable housing developers. And while there have been incentives available for affordable housing and renewable energy projects, many affordable housing providers still face challenges in participating in this market. These challenges include having relatively small individual project (off-take) sizes, difficult project economics, and credit risks (both real and perceived), which limit participation from both private developers and investors.
Through their platform and consulting services, Copacity was able to provide not only WDC, but an entire portfolio of affordable housing developers, with renewable energy contracts that without a doubt offer best price and best terms. Copacity has definitely proven their expertise and value.”
James Comer
Executive Director
Women’s Development Corporation
The Solution
Copacity has successfully addressed these challenges. In 2018, we formed the state’s largest consortium of affordable housing providers — encompassing 6 organizations utilizing over 15MM kWh of annual electricity across over 200 utility accounts. Through our renewable energy procurement platform, which provided both technical expertise and financial enhancement, the members of this consortium doubled their savings offerings, while executing stronger, more client-favored contracts. The portfolio receives renewable energy credits in part from both a solar and wind farm, which deliver over $1.06 MM savings annually, which will equate to over $25MM in lifetime contract savings.
Key Takeaway
Each of the members of this consortium provides affordable housing to those who need it most. This is one of, if not the first non-profit affordable housing consortium to collectively procure up to 100% of members’ electricity needs in the country. Without the Copacity platform and the company’s expertise, this consortium – and its savings – would not have come to fruition.
Client Savings
1st Year Savings
$1,063,000
Lifetime Savings
$25,230,000
Outcome
- 100% of consortium members’ electricity needs met
- Renewable energy credits received: $1.06+ Million savings annually
- Equals: $25+ Million in lifetime contract savings
