Major Investment in Solar Energy
Perch Energy and Nuveen have launched a campaign to enroll thousands of affordable housing residents in New York City in community solar programs. This initiative aims to provide significant savings on electricity bills for low-and moderate-income households.
In October 2023, Nuveen’s Private Equity Impact team committed $30 million in Series B equity to Perch Energy. This collaboration aims to scale community solar access for low-income households across NYC.
Enrolling Thousands of Residents
The campaign has started enrolling 1,700 units, housing approximately 5,000 residents across The Bronx, Brooklyn, Queens, and Manhattan. Nuveen, owning over 15,000 affordable housing units in NYC, aims to bring solar energy benefits to its residents. Participants can expect up to 20% savings on their monthly electricity bills.
Nuveen’s commitment to sustainability is evident as savings from community spaces are reinvested in environmental projects, such as LED lighting replacements and low-flow fixtures. This initiative enhances living standards while promoting green energy policies.
A Strategic Partnership
“We are excited to bring community solar and meaningful savings to Nuveen’s affordable housing residents in NYC,” said Radhika Shroff, Managing Director at Nuveen PE Impact. This effort underscores Nuveen’s dedication to an equitable transition to a low-carbon economy.
Bruce Stewart, CEO of Perch Energy, emphasized the significance of this partnership: “Community solar is making good on the promise that solar can benefit everyone, including renters.” Perch Energy has increased its community solar capacity under management by 133% since 2021 in New York alone.
Future Plans
This New York campaign is a first step towards extending lower electric bills to affordable housing residents and renters in every state with a community solar market. Perch Energy, an industry-leading community solar servicer, continues to expand its reach, helping renters, homeowners, and businesses save on energy costs.
About Perch Energy
Boston-based Perch Energy is a leading community solar servicer, recognized for its contributions to the solar energy market. Since 2021, Perch has helped save nearly $30 million in total energy discounts. The company manages over 150 solar farms nationwide and aims to expand its services across multiple states.
By leveraging this partnership, Nuveen and Perch Energy are paving the way for sustainable and affordable energy solutions, bringing significant cost savings to NYC residents.
Source：globenewswire.com
