New Columbia is Expanding to New Jersey!

New Columbia Solar is expanding to New Jersey following the successful inaugural year of the Community Solar Energy Program (CSEP)! There has never been a better or more lucrative time to solarize your CRE asset in the Garden State. We are excited to help commercial and industrial property owners capitalize on New Jersey’s evolving solar market.

Why Now?

New Jersey has distinguished itself as a leader in solar development among U.S. states, with over five thousand megawatts of solar deployed as of early 2024. In fact, New Jersey was the architect of the original Solar Renewable Energy Credit (SREC) program in the United States, dating all the way back to 2004. Twenty years later, New Jersey continues to improve upon their solar program, opening the first round of applications for their permanent community solar program (CSEP) late last year.

New Jersey’s robust solar incentives have long attracted solar installers and developers to the state whose market is currently valued at $15 billion. $1 billion was invested in 2023 alone, reflecting in part the value of the new community solar program. The addition of community solar is set to turbo charge New Jersey’s solar market by opening new opportunities for customers to get in on the savings and for landowners to profit from solar generation.

Community solar is installed in front of the meter and sends electricity directly back to the grid. Energy consumers subscribe to a portion of the solar system and are credited the amount their portion produced in each billing period. This allows those who otherwise cannot install solar, such as renters, to take advantage of the economic benefits of renewables.

Commercial buildings make excellent sites for community solar systems. Their expansive flat roofs facilitate easy installation and help conserve undeveloped space. Moreover, these buildings are typically located near energy consumers, reducing the need for infrastructure upgrades and investment.  As such, they are crucial to help meet New Jersey’s target of sourcing 50% of its electricity from renewable sources by 2030.

How can CRE benefit?

New Jersey offers numerous incentives to help CRE monetize owning their own community solar system. Property owners not only get paid for the electricity fed back into the grid, but they also receive investment tax credits, depreciation on the system, and SRECs that can accumulate to hundreds of thousands of dollars each year. However, the process of developing, monetizing, and managing a commercial scale solar system can be complex and daunting. It demands significant effort and capital, along with a myriad of other considerations.

Fortunately, developers like New Columbia Solar have devised an innovative solar-as-a-tenant lease solution. Solar developers handle the entire solar development process and its associated costs, including permitting and applications, system engineering, equipment procurement, installation, and ongoing maintenance. In return, they pay a predetermined lease to the commercial or industrial property owner for hosting a community solar system on their unused roof space. This arrangement takes all the hassle out of the hands of the property owner and streamlines the monetization process .

The added rent increases the property’s rent roll and NOI, thereby raising its total value in the process. The beauty is that a solar roof top lease monetizes previously unused space, increasing the building’s value without any additional capital expenditure for the owner. In fact, this added revenue can be put toward renovations or leverage it to access capital. This arrangement is a win-win for the building owner, as it enhances their property’s net operating income (NOI) without any capital expenditure or hassle, while also contributing to powering their local community.

If you’re a commercial property owner in New Jersey looking to join CSEP, we are happy to be your trusted partner in unlocking the economic benefits of the CSEP program. With over 200 projects developed in the Mid-Atlantic region, New Columbia Solar is excited to get to work and deliver the same benefits for CRE in the Garden State.

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