Page 27 - RE-NJ

said, but are now filing applications for larger portfolios with the new framework in place and expanded capacity available.
“The concept is being proven out and there is a gigawatt-plus of potential,” he added. “There are so many uncovered roofs out there.”
As Keegan noted, the 50 megawatts approved
under the pilot program’ first round translates to about 5 million square feet of rooftop space. A second round called
for another 150 million megawatts, or 15 million
square feet, before the BPU announced last August that the program would become permanent. At the time,
the agency said it would allow for another 225 megawatts by June 1, 2024, creating a spike in demand from landlords and solar companies.
The BPU said in early December that it had received more than 300
Greek Real Estate Partners is planning a major expansion of its involvement in New Jersey’s Community Solar Energy Program, having agreed to lease some 1.3 million square feet of its rooftop space across 15 buildings to Solar Landscape. Pictured is 200 Varga Lane in Somerset, an existing Greek building with solar panels.
Shaun Keegan
applications for community solar equating to more than 300 megawatts of new capacity. But a law signed by Murphy earlier this year allows the state to conditionally register another 275 megawatts by June 1 if qualified applications exceed 225 megawatts, while also allowing for additional capacity in subsequent years.
“The programs are going to continue to fill up and continue to be competitive,” said Keegan, whose firm has been awarded more than 50 percent of all New Jersey community solar projects to date. Capacity under what’s known as Energy Year 2024 amounts to some 50 million square feet, he added, equating to roughly
$25 million in annual lease revenue for New Jersey landlords or $500 million over the course of a 20-year lease.
Greek, for its part, had its first taste of Community Solar as the property manager for a 68,439-square-foot building in Secaucus, working
on behalf of Principal Asset
TM 25
Courtesy: GREP
ARCHITECTURE PLANNING INTERIOR DESIGN SUSTAINABILITY