Business Park Saves On Energy Bills with Commercial Solar Over 5 Buildings
CORPORATE BUSINESS PARK IN IRVINE OFFSETS ELECTRICITY COSTS FOR OFFICE BUILDINGS WITH COMMERCIAL GRADE SOLAR
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 (5) two-story office buildings, each building at the Corporate Business Park in Irvine, CA uses varying amounts of electricity. The entire park uses over two (2) million kWh of electricity paid for by the property owner.
“The property owner was bleeding money through high utility costs,” explains Ken Fournier of Revel Energy. “They contracted Revel to custom tailor a commercial solar system that would help them recapture some of the costs.” Ultimately every penny the owners don’t have to spend, goes towards Net Operating Income.
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. With California’s steady rising electricity rates, Corporate Business Park is expected to save $2,363,833 in future electricity costs. 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.
The system sits on top of a fluid applied “Cool Roof.” The roofing is designed to reflect UV rays while the solar panels collect for power generation. Cool Roofs and solar panels pair well for electricity savings and reducing a building’s interior temperatures.
Follow this link to learn more about Cool Roofs and solar panels’ pairing qualities.
Office buildings are typically Full Service Gross Leases. Tenants pay a slightly higher price per square foot for this service and landlords allocate a portion of rent to cover utility costs. By producing their own electricity, landlords reduce utility expenses and raise Net Operating Income.
Revel is on a mission. Dedicated to renewable energy solutions since 2009, Revel Energy was formed to provide Commercial, Industrial and Agricultural businesses with alternative energy beyond solar. Revel stands out from the competition by paying attention to what makes good business sense to each individual client, implementing a wider range of technologies to free up capital and make businesses sustainable and more profitable. CSLB #1038433Back to News