1. SOLARA : Green, Smart, Sustainable Development Anne Wilson Vice President Real Estate Development Community HousingWorks IPED - Investing in the Future February 21-22, 2008

2. SOLARA The first apartment complex in CA fully powered by the sun

3. SOLARA

5. SOLARA = Photovoltaic Electricity for residents and common area

6. SOLARA Photovoltaic Cost (approx) $1,103,000 Sources CEC Rebates (State) $409,000 Tax Credit Basis Boost (State) 405,000 Investment Tax Credit (30%) (Fed) 208,000 Perm Mortgage (project based UA) 81,000 Total Sources $1,103,000

7. CA Green Initiatives CA Tax Credit Agency: -5% basis boost for PV -4% basis boost for energy efficiency/Green -Note: 9% deals pay for PV 100%; 4% doesnt California Energy Commission/Public Utility Commission -Rebates New Construction (decrease as more built) -Grants to Nonprofits to provide TA, training, modeling

8. CA – High Energy Efficiency Standards Californias Energy code- Title 24 since 1974 Perspective: If CA not changed code in 1974, would need 1 nuclear plant every 8 miles between San Diego and San Francisco! Per Capita Energy use in CA – lowest in US, level SOLARA exceeded CA Title 24 by >42% (2001) SOLARA exceeded national IBC ASHRAE 2001 standards by 80%!

9. What is Green? Not Just photovoltaic electricity What 5 elements make a project green? Energy Efficiency - Reduce energy demand by 60-70%, use renewable energy to supply balance of demand Renewable(s) – Energy Supply Water Efficiency Recycled / Recyclable Materials Indoor Air Quality (IAQ)

10. SOLARA Green Elements: Site

12. Public ArtPublic Art

14. Policy Needs - Funding State and Local Gov must support PV and Green - Rebates work best Federal ITC – excellent, preserve Local Gov - Expedite permits and review process Utility Companies – create incentive & expedite programs Requires state by state policy changes (federal Section 42 incentives? Programs to help projects plan retro fit of existing utilities to address potential spike in op expenses.

15. SOLARA Photovoltaic