Jul 26 2010
NJR Clean Energy Ventures (NJRCEV) an auxiliary company of New Jersey Resources has in agreement with Adler Development of Edison, N.J to rent the top floor space of four buildings located in central part of New Jersey for installing rooftop solar systems.
Adler, a family-owned company, focuses on renting and leasing warehouse and flex space will lease a total of 900,000 square feet roof space over four buildings to NJRCEV for a period of 20 years for erecting solar panels and producing electricity. NJRCEV is planning to offer the tenants of the building a power purchase agreement to buy electric power at a cost lower than that of utility rates.
This project costing around $17 million will be completed by United Solar a leading company manufacturing flexible, light weight, low impact, thin film and low profile solar modules under the brand name Uni-Solar which will generate 3.9 MW of renewable energy and reduce carbon emissions by 3,200 tons per year.
The capital investments of NJRCEV for the project will make the company be entitled for 30% Federal investment tax credit. Moreover the produced energy will qualify the company to receive Solar Renewable Energy Certificates (SRECs) which can be subsequently sold to Load Serving companies in New Jersey for the purpose of satisfying their green energy requirements. Additionally the agreement with the tenants of the building will enable NJRCEV to receive returns on the investment made.
The project is expected to be completed around September and October of the year 2010.