Optimizing Solar Value for Affordable Housing

At Crauderueff Solar, we're committed to helping affordable housing providers capture exceptional value through their projects. We differentiate ourselves by providing independent project financing, engineering and ownership services from project inception through completion, tailored for the affordable housing sector. We support portfolio retrofits and new construction projects owned by property entities. We also help affordable housing providers own and operate their own solar projects through the creation of a special purpose entity, generating a flexible, long-term source of income.

Our Services

We offer comprehensive finance and engineering services throughout the project lifecycle. Services include:

Feasibility Assessments: We conduct in-depth financial and engineering feasibility assessments to determine technical and economic viability, ensuring solar is viable before bidding out the work. Currently most buildings see between a 1-7 year payback period.

Solar Tax Credits and Incentives: We bring a track record of helping affordable housing providers secure 40% to 50% “bonus” tax credits offered by the IRS in tandem with State, local and utility incentives.

Deal Structuring and Fund Development: We assist affordable housing owners to optimize the financial value of their solar projects. We support project budgeting and underwriting, along with tax credit and incentive utilization. We also support the formation and operations of Special Purpose Entities to generate flexible sources of income by the parent company.

Project Financing: We source capital and support underwriting with lending institutions including green banks.

Bid Management: We run competitive solicitations, level bids, and negotiate agreements with solar contractors.

Engineering and Construction Administration: We develop solar designs tailored to the unique requirements of each affordable housing property. From inception to completion, we provide expert project management and construction administration to ensure builders deliver on time and according to specification.

Battery Energy Storage Systems: We provide turnkey owner’s representation for BESS to provide climate resiliency and financial benefits to property owners.

NYC Case Studies

Laudato Si - Catholic Charities Progress of Peoples Development Corporation

In 2019, Catholic Charities Progress of Peoples Development Corporation (CCPOPD) launched the Laudato Si Corporation (LSC), a non-profit Special Purpose Entity. LSC serves as the developer, owner and operator of the solar projects on CCPOPD roofs, generating income by selling renewable energy to its properties. Laudato Si engaged Crauderueff as owner’s representative to support the development of 12 solar PV systems across its portfolio of affordable housing projects in Brooklyn and Queens. The income from the solar project supports the development of a fund, which will be reinvested in renewable energy projects across its portfolio.

Services Provided:

Project feasibility
Site engineering review
Special Purpose Entity development
Deal structuring, financial modeling and incentives analysis
Tax credit consultation, resulting in 20% Affordable Housing Tax Credit Bonus for all 12 sites (50% total tax credit value)
Bid management and contract negotiation
Project management
Design review
Construction administration

UNHP - University Neighborhood Housing Program

The last few years these projects have been struggling to meet rising operating expenses on reduced income as tenants struggle to catch up post pandemic. By incorporating solar, we are able to reduce utility expenses and put that money back into apartment repairs, public area upgrades, and continue to implement health and safety measures. Money that the building saves on utilities can be directly re-invested into the project in ways which benefit the tenants.

- Brendan Mitchell, UNHP Director of Real Estate and Finance Supervisor

The University Neighborhood Housing Program sought to reduce operating expenses using solar energy across its portfolio. Although the projects initially wouldn’t pencil, UNHP decided to move forwards with an ambitious scope of work due to the benefits provided in the Inflation Reduction Act, which allows non-profits to be reimbursed the value of the solar Investment Tax Credit. UNHP engaged Crauderueff to develop a feasibility study and, ultimately, to manage the design, permitting, and construction of seven solar projects.

Services provided:

Project feasibility
Site engineering review
Secured a refundable 40% Federal tax credit including a 10% Low-Income Community tax credit bonus
Preliminary feasibility and financial analyses
Bid management
Design review
Project management
Construction administration

Portfolio Benefits

Payback: Under 3 years
Lifetime benefits: over $1 million
Portfolio kW total: 178 kW