The owner/manager of 250 student apartments in Albany’s Pine Hills neighborhood expects to save $5,000 to $7,000 annually by purchasing power generated from a community solar farm near Troy.
Asaf Elkayam, president of Jerusalem Management, arranged for the purchase through ReWire Energy of Saratoga Springs.
ReWire Energy served as a broker for Hope Solar Farm in Brunswick.
It’s the first deal of this size for ReWire Energy, which is offering community solar subscriptions for businesses, homeowners, apartment owners, tenants, churches and nonprofit groups.
“Asaf is by far our biggest customer,” said Lee Evans, president of ReWire Energy.
The 2-megawatt solar farm in Brunswick was developed by High Peaks Solar. It will soon be connected to the energy grid.
Community solar farms enable homeowners, businesses and other energy users to save on their utility bills without installing solar panels on their buildings or land. The energy credits from community solar are applied to subscribers’ utility bills. Subscribers are billed at a 10% discount for the value of the credits.