NJR Clean Energy Ventures (NJRCEV), a subsidiary of New Jersey Resources (NYSE: NJR - News), announced an agreement with Adler Development of Edison, NJ to lease space atop four, fully occupied buildings in central New Jersey for rooftop solar systems. The $17 million project, developed with United Solar’s technical expertise, will be capable of generating 3.9 megawatts of clean, renewable energy and offer lower costs to tenants while helping to reduce the facilities’ carbon footprint.
“This commercial project represents our latest effort to identify real opportunities in the solar market,” said Laurence M. Downes, chairman and CEO of NJR. “By maximizing underutilized space to provide clean, renewable energy in the state, we are effectively leveraging our expertise to help provide savings to our customers as well as meet our state’s renewable energy goals, create jobs and grow our company. We will continue to build on this progress and look for new opportunities in the solar and renewable energy markets that will benefit our customers, company and state.”
Recognizing the value of green buildings and potential energy savings for its tenants, Adler, a New Jersey family-owned and operated development company specializing in warehouse and flex space, will lease over 900,000 square feet of roof space to NJRCEV for a period of 20 years, helping reduce its facilities’ carbon emissions by 3,200 tons per year. Tenants of the buildings will be offered a Power Purchase Agreement from NJRCEV that is lower than their current utility rates.
United Solar is a leading global manufacturer of UNI-SOLAR® brand light-weight, flexible, thin-film, low-impact and low-profile solar modules and a wholly-owned subsidiary of Energy Conversion Devices (NASDAQ: ENER - News). The building specific, roof-friendly project was developed using United Solar’s operational knowledge and technical proficiency as well as its thin-film technology.
Investments made by NJRCEV will qualify for a 30 percent federal investment tax credit. In addition, the energy produced will be eligible for Solar Renewable Energy Certificates (SRECs), which can be sold to Load Serving Entities in New Jersey to meet their renewable energy requirements. Additional return on investment will be provided by the Power Purchase Agreement payments from tenants.
It is estimated that up to 65 construction jobs will be created as a result of this project. The systems atop the four buildings are expected to be completed and in operation in September and October 2010.
