PearlX has announced new solar installations at two multi-family communities in Central California.
The large-scale rooftop solar installations will be located at Bordeaux Apartments in Atascadero and Dry Creek Apartments in Paso Robles. The rental communities are home to 800 residents, all of whom will have access to the PearlX solar program.
Bordeaux’s 866-kW system began construction in September, while Dry Creek’s 1.1-MW system began in October. Both systems are expected to be fully operational by late Q4 2023 or early Q1 2024.
The new installations will provide renters with access to discounted power at no upfront cost to them, with PearlX financing the entire system. Building owners Vandenberghe Properties will benefit from increased cash flows through lease payments from PearlX.
The installation will utilize California’s Virtual Net Metering program to allow the solar generation at the community to be credited to the resident’s utility accounts. Although the California Public Utilities Commission (CPUC) recently adopted new VNEM rules, it will still allow net billing, mirroring the NEM 3.0 regime for single-family homes, for residential meters in apartment complexes.
On average, residents will have roughly 80% of their annual electricity consumption served by the installation. The local utility, PGE, also benefits as much of the power generated at the communities will be consumed onsite, reducing grid demand.
The two projects become the latest developments to break ground in PearlX’s California program.
“These new installations are a prime illustration of PearlX’s community solar + storage and financing model, which has gained recognition as a ‘win-win’ for all stakeholders,” said PearlX CEO Michael Huerta. “Multi-family owners, such as Vandenberghe Properties, receive enhanced cash flows via lease payments from PearlX. Subscribing residents gain not only access to clean energy and reduced utility expenses but also the assurance of backup power during grid disruptions.
“And we’re just getting started. Following $100 million investment from Antin Capital Partners earlier this year, PearlX’s goal is to deliver clean energy to more than 25,000 apartment renters in California by 2025, contributing $500 million in community-based capital investment.”
News item from PearlX
