Levin Management Corporation (LMC) has announced the completion of a rooftop solar panel installation project at 1001 Spruce Office Center, the office component of Capitol Plaza in Ewing. LMC serves as exclusive managing and leasing agent for the 360,000-square-foot Mercer County shopping center. The new rooftop solar panels at 1001 Spruce Office Center are designed to increase efficiency and reduce annual utility costs by supplementing the building’s electric power. Vanguard Energy Partners of Branchburg, N.J. designed, installed and will operate the Capitol Plaza system. The system is comprised of 1,066 solar panels, each of which produces 325 watts. The project generates SRECs (solar renewable energy credits) financial incentives based on the amount of electricity a solar energy system produces. In New Jersey, an SREC is issued once a solar facility has generated 1,000 kWh (1MWh) through metered production. The SRECs then can be sold on the SREC market, providing the system’s owner with a reliable source of revenue to help offset the cost of installation.
“In the few short months that this project has been up and running, the results have exceeded our expectations,” said Robert Carson, LMC’s executive vice president. “Along with the tremendous environmental benefits, we are now starting to monetize our investment by selling SRECs produced by the system’s electrical output. It’s a great example of why this project made financial sense in addition to being environmentally responsible, and is a positive investment in the shopping center’s future. Based on this experience at Capitol Plaza, we are exploring additional solar opportunities throughout our portfolio.”
