Nuveen and Perch Energy Launch Community Solar Campaign to Lower Electricity Bills for Low-to-Moderate Income Properties
July 9, 2024
Perch Energy, a community solar servicer, and Nuveen have launched a campaign to bring thousands of low-to-moderate (LMI) income residents across Nuveen's 15,000+ affordable housing properties access to community solar and discounts on their electricity bills.
This campaign follows shortly after Nuveen invested $30 million in Perch in October 2023, and since then, the partners have started enrolling 5,000 residents across 1,700 units in The Bronx, Brooklyn, Queens, and Manhattan in the community solar program through special events and lease renewals.
“We’re incredibly excited to partner with Nuveen to deliver thousands of New Yorkers access to significant cost savings on a major expense like their electricity bill,” said Bruce Stewart, CEO of Perch Energy. “Community solar is making good on the promise that solar can benefit everyone, including renters and not just those with the resources to install solar panels on their roof.”
In total, Perch and Nuveen expect enrolled residents to save up to 20% on their monthly electricity bill, and the cost savings from community spaces are expected to be reinvested into additional energy efficiency projects across Nuveen's affordable housing portfolio, such as LED lighting replacements and low flow fixtures.
"We are excited to bring community solar and meaningful savings to Nuveen’s affordable housing residents in NYC. Our investment in Perch is emblematic of our focus on investing in companies that can leverage the broader Nuveen platform to drive an equitable transition to a low carbon economy,” said Radhika Shroff, Managing Director at Nuveen PE Impact.
According to Perch, the company's new community solar capacity has increased by 133% since 2021 in New York alone, with Perch managing more than 150 solar farms nationwide. Each MW of capacity generated by Perch in New York is enough to subscribe 280 average LMI households.
While Nuveen chose New York to launch the new program, the company says this is only the first step in its larger plan to lower electricity bills for affordable housing residents in every state with a community solar market.
