Empire State Realty Trust (ESRT) has shared plans for a community solar project at their office property in Harrison, N.Y. The property improvement will serve as a new revenue source, contracted for the next 25 years, with approximately 40% of the monetary credits generated by the project allocated towards the ongoing cost to power the Westchester office building. The rest of the credits will be available to local residents to share in the solar project’s benefits, which include electricity cost savings.
To be completed at no cost to ESRT, the project will feature a new parking canopy solar array that will provide year-round elemental shelter for roughly 500 vehicles, an 8.2 MWh battery storage system, and approximately 80 EV charging stations for tenant convenience.
“Companies look to ESRT to help them achieve critical sustainability goals which attract and retain employees who value environmental leadership and action,” states Anthony E. Malkin, ESRT’s chairman, president and CEO. “This project helps ESRT meet our sustainability objectives, contributes renewable power to our community, will help to attract tenants, and benefit our shareholders.”
ESRT will partner with PowerFlex, a provider of onsite renewable energy solutions, to complete this project. PowerFlex is a subsidiary of EDF Renewables North America. This project was a part of NYSERDA’s NY-Sun Program, which supports the affordability and growth of solar energy implementation across the state.
“Tenants of 500 Mamaroneck have a leg up to achieve their goals simply through their tenancy in the building,” says Dana Robbins Schneider, ESRT’s senior vice president of sustainability, energy and ESG. “The property is now uniquely positioned to reach some of real estate’s most aggressive ESG targets, to improve the tenant experience, and to generate an innovative new source of cash flow. This community solar and storage project at 500 Mamaroneck will cost ESRT zero capital investment, generate stable, positive free cash flow over a 25-year period, and improve 500’s competitive position.”
The inclusion of battery storage and EV charging stations ensures reliable power for resilient service and the ability to support the increased demand of EV transportation at no additional cost to tenants.
“We are excited to work with ESRT to provide a comprehensive energy solution that incorporates multiple low-carbon energy technologies,” adds Raphael Declercq, EVP of onsite solutions and strategy for EDF Renewables North America. “By combining solar, storage and EV charging solutions, ESRT demonstrates its strong commitment to sustainability with a holistic and forward-looking view. Additionally, ESRT not only increases its own resiliency, but also shares the financial and environmental benefits of renewable energy with its surrounding area through community solar.”