CLIFTON, NJ-The completion of the 80-kilowatt rooftop solar system at 855 Valley Road here is an unusual circumstance in an increasingly common energy saving measure – unlike most arrays, which are owned by the utility, this system is owned by Bukiet Building and Management Co., the co-owner and manager of the building.
While Bukiet is a mature holder of apartment buildings, this was their first solar installation, says Charles Virga, director of renewable energy at Langan, which completed the installation. As a long-term real estate owner and tenant of its building, Bukiet saw that the real benefit of the array would derive from ownership rather than a power purchase agreement with a utility.
“We feel strong that if you can own the array, you should,” Joseph Langan, president and CEO of Elmwood Park, NJ-based Langan Energy Solutions, tells GlobeSt.com.
Bukiet will benefit from the sale of Solar Renewable Energy Certificates (SRECs), and also received Federal and state incentives for the array, which consists of 275 panels mounted at a 10-degree angle. The $450,000 installation is expected to offset 10% of the building’s electrical load, saving $12,750 per year. Payback is expected in less than five years.
“We do see this system as an investment for the future," said Michael Bukiet, principal at Bukiet Building and Management, in a statement. "But for us, the major draw is that we are having a positive impact on our carbon footprint. Moreover, our building is now more attractive to prospective tenants because we can say that we are powering the building with clean technology."
The installation was slowed because of New Jersey’s harsh winter, but went live in June, and has already begun generating benefits. Langan also installed a communication system that allows tenants “to see the SREC meter to see how they’re doing,” Virga adds.
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