Eden Housing, Inc., an affordable housing developer, launched an ambitious project to install solar panels at 27 of their properties. The San Francisco Foundation’s Program-Related Investment Fund loaned Eden Housing $500,000 to help to finance the installation of solar photovoltaic panels on eight of its affordable multi-family properties in the San Francisco Bay Area – projected to save up to $1.1 million in electricity costs.
Our loan has already put solar on six properties, including 514 housing units. As of June 2013, energy usage on these six properties is down 41 percent and energy costs are down 27 percent.
These savings will be invested in Eden’s social service programs including technology training and after school programs for residents and their children. Additionally, the energy generated from the installed solar panels will reduce Eden’s CO2 emissions by an estimated 1.2 million pounds, the equivalent of the annual electricity use of 682 homes.
Learn more about the Program Related Investment Fund and other borrowers making a transformative impact in the Bay Area.