Key Properties has completed its first solar project in partnership with Solect Energy. The 110-kW rooftop solar installation at Key Properties’ Extra Space Storage building in Cedar Knolls, New Jersey, is designed to offset 100% of the building’s electricity usage.
“Solar was a natural choice for us to reduce operating costs,” said Adam Schlussel, VP at Key Properties. “Through our partnership with Solect Energy, we’ve lowered our electricity costs from 17 cents to less than 1 cent per kWh and are benefitting from a recurring revenue stream through incentives. For us, it’s like having another long-term tenant in the building.”
“Key Properties approached this project with a focus on sustainability and maximizing financial value, and we’re thrilled to have partnered with them to achieve both,” said Tony Johnson, VP of commercial development at Solect Energy. “This project not only offsets 100% of the building’s electricity usage but also highlights the long-term economic benefits and environmental impact solar can provide for commercial real estate owners.”
Key Properties’ Cedar Knolls location uses natural gas for heating and electricity for air conditioning and lighting. The solar system now fully offsets the building’s electrical consumption. For their next solar project, Key Properties and Solect Energy are working together to design a system that will cover 100% of an all-electric building’s future energy needs.
News item from Solect
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