RGS Energy plans a solar installation for residential cooperative Georgetown Mews in Kew Garden Hills, New York. The systems are expected to offset 35% of the electricity costs for 930 garden apartments, nearly $250,000 in the first year alone.
It’s no news by now that it can be very hard for people in multi-unit buildings to go solar. But here and there, that’s starting to change. The residents of New York cooperative Georgetown Mews in Kew Garden Hills are getting a new solar option that they can participate in despite not living in single-family homes.
Solar provider RGS Energy (Nasdaq:RGSE), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, has been selected by Georgetown Mews Owners Corp. to design and install 1 MW of solar power systems for the co-op.
The systems will be installed on the rooftops of the 60-acre residential co-op. In a multi-unit situation it’s challenging to find enough roof space to cover everyone’s power, and Georgetown Mews is no exception, But the systems are expected to offset 35% of the electricity costs for 930 garden apartments, nearly $250,000 in the first year alone. They should also eliminate more than 1.8 million pounds of annual CO2 emissions (per EPA-based data).
Some of the cost savings come from the many helpful solar policies in New York, as well as the Federal ITC. “By combining the benefits of NYSERDA rebates, a Federal Tax Credit, NYC property tax abatement, and Con Ed’s buy-back of solar-generated electricity via net metering, RGS Energy is able to deliver significant cost savings to our cooperative by going solar,” said James Goldstick, VP of Mark Greenberg Real Estate, the managing agent for Georgetown Mews. “This is a complex project that requires a company like RGS Energy, with its strong depth and breadth of capabilities, to meet its specifications.”
The solar power systems will be designed to take advantage of New York’s remote net-metering policy. This is a solar-friendly statute that enables the solar electricity to be monetized and credited to apartment owners’ electric bill.
Jared Haines, VP of Sales for RGS Energy’s commercial division, commented: “Georgetown Mews project is an ideal example of our team’s capability to design and deliver custom solutions for any type of customer. RGS Energy was the first solar company to install a commercial net-metered system to the Con Ed Grid, and is paving the way for greater adoption of remote net-metering. In fact, this housing cooperative will be among the first to take advantage of remote net-metering in New York.”
RGS Energy plans to begin construction in the third quarter of 2014 and finish before the end of the year.