The Real Deal New York

NYC real estate interests embrace cheap solar

As prices fall, alternative energy cannot be ignored
January 04, 2015 11:23AM

Last year, Governor Andrew Cuomo announced plans to invest more than $1 billion in solar energy projects, with the goal of increasing the state’s solar power by 10-fold by 2023. But increasingly, New York City real estate players are embracing solar technology out of pure self interest. 

As solar technology becomes cheaper, it’s harder for NYC builders and building managers to ignore, according to CNBC. For instance, brokerage River 2 River Realty, which operates the Atelier at 635 West 42nd Street, has partnered with Samba Energy, a Manhattan-based solar company, to bring solar panels to its buildings.

“We’re having our next solar phase coming in the spring, and we’re going to add another 100 panels to the side of the building [the Atelier],” Neiditch told CNBC. “That will give us another 10 percent of our energy. So overall we’re looking at about $120,000 in savings per year. We’ve already made back our money from our initial investment after a year and a half.”

According to a study by Environment Ohio, an environmental advocacy group, NYC has a solar capacity of over 30 megawatts, or enough energy to power more than 4,500 homes. [CNBC]Christopher Cameron