UB Solar Completes Solar Installation Over Valley Ridge Property, New Jersey

Urstadt Biddle Properties (UBP) declared that it has finished the solar installation along with its fully owned auxiliary company, UB Solar, over a property owned by it at Valley Ridge Shopping Center in Wayne, New Jersey.

The solar system installed by Martifer Solar USA, over the property of UBP will produce around 300,000 kWh of renewable electric power every year. The power generated from the facility will be utilized by the shopping center and a major portion of it will be shared by the biggest tenant of the center Great Atlantic and Pacific Tea Company. UB Solar met nearly 70% cost of the system by availing a loan from PSE&G through its “Solar Loan Program I”. UB Solar retains the option to pay back all or a portion of the loan by utilizing the renewable energy credits to be produced by the system. The balance of the system costs are expected to be covered by the federal governments’ renewable energy grants.

For the installation of solar system the company has consulted IPPsolar Energy and received considerable assistance from the company.