Everyday Energy Commits to Producing 30 Percent of Obama's Affordable Housing Solar Energy Goal

Online, May 12, 2014 (Newswire.com) - Shortly after meeting President Obama during a renewable energy event in California today, Everyday Energy, the nation's leader in financing, designing and installing solar systems for multifamily affordable housing communities, announced it will deploy solar systems producing 30 megawatts (MW) of renewable energy toward the Administration's goal of providing 100 MW for publicly supported housing by 2020. Everyday Energy's commitment of 30 MW is equivalent to planting 1,270,000 trees or offsetting 31,150 tons of CO2.

Through projects committed by 16 client partners such as EAH Housing, Chelsea Investment Corporation and Community Housing Works, Everyday Energy will bring 30 MW of solar energy online affecting approximately 39,000 low income residents. In addition to helping each unit realize an average savings of 80 percent off their energy bill, Everyday Energy solar systems also reduce the operating cost of each affordable housing property.

Everyday Energy also stood out to the Administration because they have successfully utilized financial tools that leverage private investment, which is necessary for scaling renewable energy in affordable housing markets.

"The National Climate Assessment validates that we need to expedite the country's transition to renewable energy, and solar power is the most economically viable option," said Everyday Energy CEO Scott Sarem. "The multifamily affordable housing segment continues to be the most promising market in the US for solar power. In California we've found that when compared to single family affordable housing, multifamily solar projects not only reduce energy costs for a significantly higher number of people, but have greater scalability resulting in much lower acquisition cost."

Everyday Energy expects that within two years it will achieve its commitment of bringing 30 MW of solar power online, well in advance of President Obama's 2020 deadline. The projects to achieve this goal are all located in California, and are spread across the state from San Francisco and Monterey to Los Angeles and San Diego.

"We're proud to play a big role in achieving President Obama's 100 MW goal - and our 30 MW commitment is only based on projects we already have on the books over the next 18-24 months," said Sarem. "We expect to contribute beyond 2016 and provide much more than 30 MW of solar power toward the Administration's goal by 2020."

To learn more about Everyday Energy and its commitment to financing, designing and installing solar systems for the affordable housing sector, visit www.EverydayEnergy.us or call 760-607-7200.

About Everyday Energy
Everyday Energy finances, designs and installs solar energy systems for multifamily affordable housing and trains and hires veterans and affordable housing residents to help them begin careers in solar energy. Everyday Energy creates financial scenarios that allow customers to install solar at little to no out of pocket expense. Headquartered in Carlsbad, CA, Everyday Energy is responsible for creating over six megawatts of solar energy throughout the state. For more information, visit www.EverydayEnergy.us or call 760-607-7200.