New Jersey Solar Project Will Stabilize Energy Rates, Financing Group Says
May 17 2010
A 725-kilowatt solar array at the Meridian Center, an office park in Eatontown, New Jersey, will both lower and stabilize tenants' electricity costs, the project's backers say.
Anova Energy Solutions, the company responsible for financing the array, suggested that solar energy has manifold benefits for commercial property owners. "The owners and tenants at these properties will see significant benefits through the long-term reduction and stabilization of their energy rates. On top of that are the obvious benefits for the environment," Anova managing partner Gary Rafaloff said.
Cost can be an obstacle in solar-power installations. But Anova secured financing for the Eatontown array, and its partner - a company called Meridian Solar Partners - will assume responsibility for operations and maintenance. Under an arrangement called a power purchase agreement, MSP will sell clean energy to building tenants at a predetermined rate.
Property owners, MSP managing partner Eric Phillips said, "receive the numerous advantages of cheap, clean, renewable energy and … have no up-front costs or ongoing maintenance obligations."
The Eatontown project illustrates the benefits of going solar for commercial tenants - and indicates that the cost of solar power doesn't have to be a roadblock.
May 17 2010
Anova Energy Solutions LLC, an Eatontown, N.J.-headquartered solar development and financing consultant, and Meridian Solar Partners LLC (MSP), an affiliated owner and operator of solar systems, have partnered to install multiple rooftop solar photovoltaic systems on three properties at Meridian Center in Eatontown, N.J.
The solar systems, which will involve installations on four separate buildings, are expected to total approximately 725 kW and produce over 800,000 kWh of electricity annually.
Anova Energy Solutions was responsible for the development, structure and financing of the project. MSP will own and operate the systems and sell all of the solar energy back to the properties through long-term power purchase agreements. Trinity Solar, based in Freehold, N.J., designed the 3,550-module system and began installation in late April. It is expected to be completed and interconnected in June.