Utilising a combination of local incentives and initiated by Manhattan-based developer YSG Solar, the project will provide residents with access to clean, renewable energy at reduced rates, as well as a new recreational resource for the children and families of the community.
The old warehouse, which is located in the East New York Opportunity Zone and was in the process of transitioning tenants, was the perfect fit for the community solar project and renovation. Utilising New York Local Law 96, which created Property-Assessed Clean Energy financing to fund relevant upgrades, and Local Law 97, which mandates carbon reduction targets for large buildings, YSG set the course for a complete rehabilitation of the warehouse to meet the needs of the new long-term tenant, Sofive, an indoor soccer facility operator.
“DSD is extremely proud to be part of this unique project that provides all around benefits to the community” said Jon Morton, VP of Acquisitions at DSD. “YSG Solar did an amazing job at leveraging incentives to bring renewable energy to an underserved community, while also improving the neighbourhood at the same time.”
The project quickly attracted the attention of city economic officials, and was selected as the first solar project for NYCEDC’s Accelerated Sales Tax Exemption Program (ASTEP), which provides a sales tax exemption of up to $100,000 for industrial construction or renovations in underserved communities. The ASTEP program is run by the New York City Industrial Development Agency (NYCIDA). The NYCIDA is managed by the NYCEDC.
Sofive will offtake about 30 percent of the energy produced onsite, while the remaining energy will be distributed to single family homes and renters in the area. PowerMarket will manage the subscriptions.
DSD and YSG are collaborating on another 10 MWs of solar projects in New York State that are expected to reach shovel ready status by the end of 2021.
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