The ceremony, co-hosted by GeoGenix and Ethical Products, will take place at Ethical Products' worldwide headquarters at 27 Federal Plaza, Bloomfield, N.J., on Wednesday, April 6, at 10 a.m.
"This project demonstrates the lucrative incentives available to commercial properties in New Jersey with wide-open roof space," said Gaurav Naik, managing member of GeoGenix. "Warehouse rooftops are not just desolate spaces devoid of value anymore – they can be turned into revenue-generating assets."
In addition to designing and installing the solar system, GeoGenix managed the entire project, including the installation of a new roof on the 130,000-square-foot building. As one of the oldest and most experienced solar integrators in the region, GeoGenix prides itself on its ability to provide turnkey solar solutions.
Established in 1951, Ethical Products markets a variety of dog and cat products worldwide under the SPOT brand name, from toys and dishes to accessories and waste management products. The company also operates a showroom and sourcing office in Hong Kong under the name of PetEx International Ltd. (www.petexintl.com).
"Solar energy was a natural extension for our company since we already have several green initiatives in place, as well as a line of cat and dog products that are geared toward pet owners who value eco-friendly, organic and non-toxic pet products," said Frank Lucente, vice president of operations, Ethical Products.
Ethical Products took advantage of the Public Service Electric and Gas Co. (PSE&G) Solar Loan Program to help finance the system. The Solar Loan Program helps qualified PSE&G electric customers finance from 40 to 60 percent of the total cost of their solar system. The loan can be re-paid using Solar Renewable Energy Certificates (SRECs) generated by the solar system with a minimum value for each credit guaranteed by PSE&G.
"PSE&G is pleased to welcome Ethical Products to the growing list of New Jersey companies that have committed to carbon-free electric production through our Solar Loan Program," said Al Matos, vice president – renewables and energy solutions for PSE&G. "By taking advantage of financing through our program, Ethical Products is demonstrating that solar power can make sense for both the environment and for a company's bottom line."
In addition to being a source of SREC income, the power produced by the Ethical Products solar system is expected to save the company approximately $60,000 in electricity charges each year, offsetting 100 percent of the site's electricity consumption.
Ethical Products was also able to take advantage of federal incentives, including a treasury grant that covers 30 percent of the upfront cost, and a 50 percent bonus depreciation allowance, which has now been doubled. The current 100 percent bonus depreciation allowance allows a company to depreciate the entire eligible cost in the first year.
"For a commercial building with a suitable roof in New Jersey, the combination of the financial incentives and savings in electricity expenses makes solar a no-brainer," said Lawrence Sturm, chief financial officer of Ethical Products.
"We are extraordinarily proud that our 130,000-square-foot building, which includes our offices and a distribution center, is now powered entirely by solar energy," commented Lucente. "This initiative is in line with the company's core values of being financially and environmentally responsible."
The 1,472 SunPower SPR-305 panels that comprise the 448 kW system have the capacity to reduce CO2 emissions by 861,000 pounds a year, which is the environmental equivalent of growing 9,000 seedlings for 10 years, or to eliminating the number of miles driven in a car by 978,000 miles per year.
