SOLAR ON MULTIFAMILY AFFORDABLE HOUSING (SOMAH)

 

powered by GRID

$1 Billion dollars for solar energy systems dedicated to Affordable Housing projects in California

 

What is SOMAH?

SOMAH is the result of California State Assembly Bill 693 and allocates $1 Billion annually in grant funding to help affordable multifamily property owners go solar. The bill aims to dramatically shift the way California’s affordable housing residents receive and pay for their electricity. 

What are the benefits of SOMAH?

What are the benefits of SOMAH to owners of affordable housing?

  • 100% of tenant solar costs are subsidized through SOMAH (little to no investment from you)

  • 20-30% of your common area solar cost reduce your expenses with subsidized common area solar

  • Decrease vacancy rates through enhanced marketing appeal

  • Increase the value of your real estate assets

  • Federal depreciation tax credits available

What Is SOMAH?

 

SOMAH is the result of California State Assembly Bill 693 and allocates $1 Billion to help affordable multifamily property owners go solar in order to help drive down the cost of energy for their tenants. Utilizing Virtual Net Metering, the bill aims to dramatically shift the way California’s affordable housing residents receive and pay for their electricity. 

The Benefits of SOMAH

  • 80 to 100% of costs are subsidized through SOMAH (little to no investment from you)

  • Increase Net Operating Income

  • Reduce you your expenses

  • Decrease vacancy rates through enhanced marketing appeal

  • Increase the value of your real estate assets

  • Federal depreciation tax credits available

 

HOW GRIDS IVY PLATFORM CAN BENEFIT AFFORDABLE HOUSING ASSETS...

Use our proprietary monitoring and billing system to recoup a building-wide shared debt expense while ensuring that tenants receive net savings from what they would have paid before the solar. This will automate the financial recovery of a non-grant funded solar asset that is shared by

  • Increase Tenant Engagement and solar amenity value.

  • Detailed usage monitoring for tenants.

  • Simplify state reporting requirements and equity distribution value.

  • Shared solar allocation and savings insights for individual tenants.

  • Digital monitoring insights.

  • Automated personalized monitoring & savings statement generation service.

 

What Is SOMAH?

OWNER FUNDED SHARED SOLAR ASSETS

Typical Problem: The challenge of installing a solar system without grant funding on affordable is housing is how can the ownership group recoup their financial Investment.

 

GET IN TOUCH

SEE IF I QUALIFY
 

Contact

Address

2159 India St. San Diego, CA 92101

Follow

©2019 by Ivy Energy, Inc. All rights reserved.