SOMAH PROJECT DEVELOPMENT SERVICES

the program you need to capitalize on this

rich solar incentive program for affordable housing

SOMAH: A RICH OPPORTUNITY

California’s new Solar on Multifamily Affordable Housing (SOMAH) program represents an incredibly rich incentive, providing up to $100 Million annually to support solar (PV) energy project deployment on affordable housing. Properties that qualify for the program can receive up to $3.20 per watt for the portion of the system that serves tenant load, and up to $1.10 per watt for the portion that serves the common areas. At this level, the incentive can offset up to 100% of the total project cost.

To qualify for this program, a property must:

  • Have at least five units
  • Be deed‐restricted low‐income residential housing
  • Satisfy one of the following
    • 80% of residents have incomes at or below 60% of the area median income (AMI)
    • Property is located in a top 25% disadvantaged community (DAC)
  • Be an existing building or retrofit
  • Have separately metered units
  • Be a PG&E, SCE, or SDG&E customer (including CCAs)

TOP RISKS IN SOLAR DEPLOYMENT

While this program presents a strong opportunity for housing authorities, there are substantial risks associated with solar project deployment that must be properly addressed, including:

  1. Interconnection and other utility issues (transformer upgrades)
  2. Contract risk exposure (change orders, delays, thin or absent performance guarantees)
  3. Outsized administrative burden (taking precious time & attention away from your core mission)

TERRAVERDE’S PROJECT DEVELOPMENT SERVICES

TerraVerde Energy (TerraVerde) has the experience and expertise needed to capitalize on the SOMAH incentive opportunity, while mitigating these project deployment risks. Our turnkey project development services include the

  • comprehensive due diligence
  • investment grade energy and financial analysis
  • fully transparent competitive solicitation process
  • effective project implementation management

necessary to deliver excellent solar programs. As independent advisors, TerraVerde provides the objective expertise and project development experience needed to deliver projects at the highest possible value.

5 REASONS TO ACT NOW

1. The SOMAH incentives are first come, first served

2. The SOMAH incentive levels step down over time

3. The Federal Investment Tax Credit (ITC) is also stepping down

4. This is a prime opportunity to exhibit leadership in sustainability and equity

5. This program will substantially reduce your energy costs