NT Solar, a nationwide solar tax credit syndicator and investor, is proud to announce the successful equity placement of over $7 million in solar tax credits generated by the development of two community solar installations across Massachusetts and Connecticut in partnership with Lodestar Energy, one of the most established Independent Owner Operators in the Northeast United States. This is NT Solar’s 6th investment with Lodestar.
Reaching mechanical completion in April of 2023, the combined 11.5-Megawatt ground-mount solar and solar plus battery storage systems will provide renewable energy to the City of Hartford along with six public housing authorities across Massachusetts which are responsible for nearly 3,000 affordable housing units.
The Massachusetts installation will participate in the state’s SMART Virtual Net Metering program, allocating credits to customers based on the solar energy generated from the installation. These credits will reduce customers’ energy bills by approximately 10% each month. This installation includes a battery storage component, supporting grid resiliency and integration of intermittent renewable power sources to the grid mix.
The second installation, located in North Canaan, Connecticut, will participate in the CT Virtual Net Metering program. The project will supply electricity to the City of Hartford, CT, providing monthly electricity cost savings to the city while reducing the city’s reliability on fossil fuels.
“Lodestar Energy is excited to complete our 6th investment with NT Solar,” said Jack Funk, Lodestar Energy Managing Director. “With their support, we are able to provide our community solar partners with an opportunity to make progress toward their climate goals, while also generating economic development and energy savings.“
BY THE NUMBERS
The installations developed by Lodestar Energy will generate nearly 9 gigawatt-hours (GWh) annually, which:
- Creates enough electricity to power nearly 1,200 homes each year
- Offsets CO2 emissions generated from burning nearly 7 million pounds of coal annually
- Sequesters the same amount of carbon from the atmosphere as over 7 thousand acres of forest
“This investment and our continued partnership with Lodestar Energy strengthen our commitment to ensuring Community Solar is accessible to all and bring us one step closer to our vision of a sustainable future,” said Alyssa Watt, Senior Transaction Manager for NT Solar. “By facilitating access to renewable energy for thousands of families, we are investing not just in solar installations but also in the people they serve. We are particularly proud of the impact these installations will have on underinvested communities that had traditionally lacked access to renewable energy. At NT Solar, we are motivated by creating meaningful community impact and providing cost-effective energy options. This investment is a testament to that commitment.”
ABOUT COMMUNITY SOLAR
Community Solar is a revolutionary concept that offers renters, homeowners, businesses, nonprofit organizations, and municipalities equal access to the generation and distribution of clean, renewable energy while moving our country closer to a net-zero future. Community solar projects involve the construction of a large, centralized solar facility that many households and businesses can tap into. Rather than purchasing and installing solar units individually, participants can purchase a portion of the electricity produced from a shared solar power installation, lowering their monthly utility costs and circumventing the need for personal solar panels.
Community solar expands access to solar for all, including low-to-moderate income customers most impacted by a lack of access, all while building a stronger, distributed, and more resilient electric grid. Through community solar, communities gain access to affordable, green energy, reducing their electricity bills and contributing to a healthier environment. This way, the transition to sustainable energy becomes more inclusive and equitable, making a positive impact on the environment and society.
According to the Solar Energy Industries Association (SEIA), over 5 gigawatts of community solar have been installed in the US through 2022. 41 states currently have at least one community solar project online, and 19 have public programs to support future growth. It’s estimated that the community solar market will see an additional 6 gigawatts added in the next five years.
ABOUT THE SPONSOR
Founded in 2014, by Jeff Macel and Jaime Smith, Lodestar Energy’s goal is to develop sustainable solar energy projects that are environmentally, socially, and financially successful. Since the founding of the company, Lodestar has successfully developed and placed-in-service more than 40 projects with a combined value of over $300 million dollars. In total the projects offset more than 53,000 tons of CO2 and power the equivalent of more than 13,000 homes annually. To learn more about Lodestar Energy, click here.
ABOUT NT SOLAR
NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $650 million in capital for transactions nationwide, focusing on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provides our developers with competitive pricing and stable returns for our investors. To learn more about NT Solar, click here.