Inclusive Prosperity Capital has received a $3 million program-related investment (PRI) from The Kresge Foundation to accelerate the deployment of solar + storage for urban resiliency in low-income communities.
This financing is designed for project developers and property owners to develop and install solar + storage projects that will advance climate resiliency in low-income communities and demonstrate the viability and benefits of resilient power in those communities.
Eligible properties include, but are not limited to:
> Multifamily affordable housing
> Scattered site single family affordable housing
> Community centers
> Municipal buildings
> Other assets critical to community resilience
Preference will be given to projects located in urban areas (defined as within the boundaries of the US OMB’s Metropolitan Statistical Areas).
Financing is for the installation of solar + storage systems that provide resilient power to low-income communities, including:
> Storage, including projects that add to existing solar installations
> Other work that would result in a solar + storage project (e.g. electrical work)
> Interest rates between 3-4%*
> Term lengths of up to 10 years
> Loan amounts up to $300,000*
> 2% closing fee
* Additional financing is available for projects with capital requirements greater than $300,000 (additional rates, terms, and conditions may apply). In addition to project financing, IPC also offers a Solar Power Purchase Agreement/third-party ownership solution.