Landlords of Full Service Gross Leases increase Net Operating Income by supplementing power bills with sustainable solar power. Corporate Business Park in Irvine is one of many office parks to capitalize on these savings.
Comprised of five two-story office buildings, each building uses varying amounts of electricity. The entire park uses over two million kWh of electricity paid by the property owner.
The project was challenging given each building’s unique rooftop. Revel Energy was hired to design and install a system that would produce enough electricity to entice owners. They were able to design and install a 335.16 kW system consisting of 931 monocrystalline solar panels shared among the five rooftops.
The system generates 447,315 kWh annually, saving owners $49,543 in the first year alone. Using an average CAP Rate of 5% (actual rate unknown, estimated for scenario purposes) the commercial solar system adds $990,000 to the total property value.
With California’s steady rising electricity rates, Corporate Business Park is expected to save $2,363,833 in future electricity costs.
Project Location: Irvine, CA
Description: Commercial office park
System Capacity: 335.16 kW
System Size: 931 Solar PV Modules
Solar Panel: 360 W Monocrystalline
Annual Power Cons. (before): 2,152,824 kWh
Est. Power Savings (after): 447,315 kWh Energy Savings
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