Key Properties LLC, a commercial real estate development and management company, partnered with Solect Energy to add rooftop solar panels to its Cedar Knolls, New Jersey, self-storage facility. The multi-story building at 224 Ridgedale Ave. is branded and managed by self-storage real estate investment trust Extra Space Storage Inc., according to a press release.
The 110kW solar system is designed to offset 100% of the site’s electricity consumption for things like air conditioning and lighting. It’s expected to generate 140,585 kWh in its first year and a lifetime production of more than 3.29 million kWh, the release stated.
“Solar was a natural choice for us to reduce operating costs,” said Adam Schlussel, vice president for Key Properties. “Through our partnership with Solect Energy, we've lowered our electricity costs from 17 cents to less than one 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.”
Related:Eco-Smart Self-Storage: Renovations That Pay Off for Operators and the Environment
Key Properties and Solect plan to design a system that’ll cover 100% of an all-electric building’s future energy needs, the release stated.
Family-owned Key Properties offers construction, development and property-management services. Headquartered in Teaneck, New Jersey, it has a portfolio that includes industrial, residential, retail and self-storage properties.
Solect is a provider of solar and energy-storage solutions for businesses, cities, nonprofits, schools and towns in the Northeast. It has installed more than 800 solar-energy projects.
ISS Staff
Tenant-Protection Plans for Self-Storage: What They Are, Features and Benefits, and the Keys to Program Success
Control the Narrative: DIY Marketing to Help You Tell Your Self-Storage Facility Story and Connect With Customers
ISS BLOG – Self-Storage Pricing Practices Under Scrutiny: Are the ECRI Chickens Coming Home to Roost?
NationWide Self Storage of Canada Raises More Than $11K for Covenant House Vancouver