Maximizing savings through energy efficient initiatives allow real estate holding firms to reallocate funds for other strategic or operational needs.
The Wiseman Company, a real estate development firm, can attest to that belief. The company recently contracted with Sunworks to install a 370-kilowatt solar system on the company’s construction site in Fairfield, California.
The Sunworks project includes the installation of a “Park N’ Shade” carport structure, which provides a modular installation framework for solar panels while minimizing construction costs and accelerating completion. Sunworks anticipates installing 850 SunPower 435 watt panels partnered with Solectria inverters resulting in a space-saving solar array which reduces The Wiseman Company’s electricity expenses.
The solar installation is scheduled for completion in 2017 and is expected to produce nearly 96% of the property’s electricity needs within its first year of operation.
In June, Shorenstein Properties announced it had reduced its energy use by 20% in 2016, saving the company around $6.5 million in energy expenses while improving tenant satisfaction. Also in June, a California condominium association announced it has seen an 80% reduction in energy costs just one month after installing LED lighting.