Page 26 - RE-NJ

24 MARCH 2024
Greek Real Estate Partners is no stranger to having rooftop solar panels on its warehouses, a step
it took roughly a decade ago with four properties in its portfolio.
But the process was by no means simple, requiring the firm to work out separate agreements with a solar installer and its tenants, while hoping that the power generated would match the needs of the occupiers. That’s not to mention the need to maintain the rooftop panels.
It’s only added to the appeal of a more recent option — the state’s newly enshrined Community Solar Energy Program — in which landlords can
lease out their roofs to solar firms that sell directly to the grid, rather than those inside the building.
“It’s really catapulted the model of roof rental for solar,” said Matt Schlindwein, a principal with East
to those power purchase agreements, which were kind of holding back some decision making.”
New Jersey’s nation-leading community solar program, which began nearly five years ago, is entering a new phase as the state transitions from a pilot period to a permanent model. That has many landlords racing to expand their participation after kicking the tires during the earliest phase, fueling a surge in applications from solar developers on behalf of building owners.
Part of Gov. Phil Murphy’s clean energy platform, the program requires that at least 51 percent of
the power generated goes to low-
and moderate- income customers, providing discounted energy while creating new revenue streams for
the businesses involved. In the process, it has renewed the interest of commercial landlords who recall the volatility of past solar programs, which were prone to price fluctuations based on supply and demand.
“Adoption is becoming much more mainstream,” said Shaun Keegan, co- founder and CEO of Solar Landscape, an Asbury Park-based developer and owner of solar panel systems. Many landlords took part in the Board
of Public Utilities’ pilot program with only a handful of buildings, he
SCALING UP
Demand soars for ‘community solar’ projects on warehouses, as state program enters new phase
By Joshua Burd
Landlords are expanding their participation in New Jersey’s Community Solar Energy Program — which allows property owners to lease their rooftops to solar developers — as the state transitions from a pilot phase to a permanent model.
Matt Schlindwein
Brunswick-based Greek Real Estate Partners. “If they’re
able to get the projects into the community solar program, we don’t have to worry anymore
about the issues involved in tenant, landlord and solar provider relative