DCA & HMFA Celebrate Installation of Solar Panels with Investment from HMFA's Solar Funding Loan Program


GLOUCESTER CITY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony L. Marchetta today joined local and state officials to celebrate the unveiling of the newly installed solar panels at Carpenter's Square, an independent senior living community in Gloucester City, Camden County. The HMFA, an affiliate of the New Jersey Department of Community Affairs (DCA), committed funding for the installation through its Multifamily Solar Funding Pilot Program.

"This project at Carpenter's Square advances the Christie Administration's commitment to ensure a sound and responsible energy future for New Jersey that stimulates the economy and protects the environment," said DCA Commissioner Lori Grifa, who is chair of the HMFA. "The solar panel installation unveiled today demonstrates how government agencies are partnering with the private sector to produce and promote renewable energy."

The HMFA received funding through the federal American Recovery and Reinvestment Act (ARRA) of 2009 and used to money to develop the Multifamily Solar Funding Pilot Program, which provides zero-interest loans to eligible HMFA-financed multi-family building owners for the roof installation of solar photovoltaic renewable energy systems.

HMFA financed the Carpenter's Square community, which includes 100 affordable housing units for senior residents who are 62 years of age and older. The project was completed in 2006. Using the Multifamily Solar Funding Pilot Program, the owner was able to increase the energy efficiency of the project and to lower the operating costs. 

"The HMFA is proud to contribute to the Administration's efforts to increase renewable energy production and make New Jersey an even more economically and environmentally inviting place to live," said Mr. Marchetta.

Last month, New Jersey surpassed California as the country's largest commercial solar market. In fact, New Jersey's commercial solar market jumped 170 percent from the first quarter of this year to the second quarter, according to the Solar Energy Industries Association. New Jersey's solar installations now account for 24 percent of all such arrays in the U.S. – up from 15 percent at the end of March, the association reported.

The HMFA committed $435,350 for the 77.3 kilowatt solar voltaic system, which is projected to create 91 Solar Renewable Credit Certificates known as SRECs. These SRCES will generate approximately $40,950 per year, which translates into approximately $14,627 in annual utility savings to the building.

For more information on HMFA programs and mortgages, please call 1-800-NJHOUSE or 609-278-7400, or log on to www.nj-hmfa.com.