New York continues to lead the charge in commercial rooftop solar — underscoring its commitment to its fight against climate change and now supporting property owners in their efforts to turn their rooftops into new streams of revenue.
New laws mandate that New York City reduce greenhouse gas emissions from buildings by 40% by 2030. Moreover, any new roofs, in new construction and existing facilities, must be 100 percent solar or green going forward. These rules were established to help achieve the city’s goal in making NYC carbon-neutral by 2050.
While many would agree the goal is certainly noble, it’s a big change, and big changes can affect bottom lines. Luckily, there is a trusted solar partner already established in New York that is helping to guide the industry in the right direction, while earning investors significant returns on their investments.
“It is our goal to consult and serve as a trusted adviser to developers and building owners who are working toward familiarizing themselves with these new laws,” Patrick Corr, senior director of business development for the 174 Power Global company, tells The Real Deal. “Local Laws 92 and 94 mandate that new roofs on new and existing buildings be entirely sustainable. 174 Power Global strives to make the switch seamless and lucrative for developers, landlords and architects.”
The local laws, which took effect last November, mandate that every rooftop must play host to either a solar generation facility or garden. Solar rooftops would accommodate a 4-kilowatt solar power system, consisting of approximately 16 solar panels, at minimum or occupy at least 200 square feet of roof. New now costs the same as, or in many cases less than, traditional sources of energy. In comparison to other forms of renewable energy, solar generation facilities are low-maintenance and easy to install. In addition, rooftop solar weighs about 2 to 4 pounds per square foot, compared to a rooftop garden, which weighs around 13 pounds per square foot.
“Solar is the clean energy choice now and in the future for New York and the rest of the U.S.,” says Corr. 174 Power Global’s commitment to the Northeast is evident, with its recent acquisition or OnForce Solar, a Manhattan-based solar company with a portfolio consisting of dozens of commercial and industrial installations across the state. “We utilize incentives to help property owners build the cost of solar into their construction or renovation budget,” he adds. ”Solar gives building owners the ability to reduce their energy costs and often sell the power they generate. In other cases, we will develop and own the project and simply provide a monthly lease payment to the building owner for up to 25 years of income. There are several options available, and New York is at the cutting edge of what’s possible.”
174 Power Global is a turnkey provider, taking its partners from inception to planning, engineering, construction, operations and maintenance.
“We offer a turnkey product that allows real estate professionals to do what they do best without worrying about how to comply with the laws,” Corr says. “With everything happening right now, the last thing you want to think about is how to install a solar roof. It doesn’t get simpler, higher-quality or more affordable than partnering with us.”
About 174 Power Global
Irvine, California-headquartered 174 Power Global is a leading solar energy company that is wholly owned by the Hanwha Group. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with landowners, local communities, financial investors and other partners to build highly productive, utility-scale solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has built an extensive project development pipeline. The company was ranked as the 2018 #1 solar project development company in the United States by Wood Mackenzie.
174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun. For more information, visit: www.174powerglobal.com.