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[December 28, 2012]
HDC goes solar at 5 properties
Dec 27, 2012 (Intelligencer Journal/Lancaster New Era - McClatchy-Tribune Information Services via COMTEX) -- Housing Development Corp. MidAtlantic has spent nearly $1.2 million to install solar panels at five of its properties.
The fifth installation -- at the Umbrella Works, West King and Mulberry streets -- is scheduled to be completed today.
"By capturing sunlight and converting it into electricity, we will reduce energy costs of the building and decrease operational costs," said HDC President Michael R. Carper.
The $409,700 solar installation at the five-story building, formerly the Van Sciver furniture store, has 481 solar panels.
Installed on the roof, the installation will produce 132,000 kilowatt hours of electricity annually. That would save HDC $17,200 a year.
The panels' electricity will supply about 20 percent of the power consumed by the building's elevators, HVAC systems and offices.
The panels, installed by KC Green Energy, with offices on Loop Road, will not be used to provide electricity to the building's apartments.
HDC funded the solar project at the Umbrella Works through its $26 million refinancing of seven properties, including that one.
The refinancing provided $8.4 million for capital improvements, such as the solar project.
Also getting solar panels this month were four other HDC properties included in the refinancing.
Getting solar panels at a cost of $773,000 were Franklin Street Apartments in Ephrata, King Theatre Apartments in Lancaster, Highspire School Apartments and Penns Common Court in Reading.
HDC is considering installing solar panels at seven more of its sites.
But a spokeswoman for the affordable housing developer declined to identify them at this time.
Lancaster-based HDC has a portfolio of 49 properties totaling more than 3,200 housing units in 12 Pennsylvania counties.
They consist of 30 properties that HDC owns and manages, and 19 that it manages for other owners.
___ (c)2012 Intelligencer Journal/Lancaster New Era (Lancaster, Pa.) Visit the Intelligencer Journal/Lancaster New Era (Lancaster, Pa.) at lancasteronline.com Distributed by MCT Information Services
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