z The Opper Group is an active buyer and developer of multi-family and commercial real estate throughout New Jersey, New York, Pennsylvania and Georgia. The 445.90 kW photovoltaic (PV) system was installed on a warehouse and distribution facility at One Cory Road and built with all American made components.
The 280,450-square-foot building is divided into unit sizes ranging from 8,000 to 133,000 square feet.
The system, which was designed, engineered and installed by Branchburg, N.J.-based Pro-Tech Energy Solutions, is expected to offset 90 to 100 percent of the buildings electricity load. We are thrilled to be working with the Opper Group, and it speaks volumes that a company with their level of expertise and knowledge in the real estate industry has put their confidence in us as the solar integrator for this property, said John Drexinger, principal of Branchburg based Pro-Tech Energy Solutions.
Pro-Techs members have been responsible for developing and project- managing the installation of over 80 megawatts of large and small-scale solar photovoltaic systems in New Jersey since 2003. As the owner of the Morristown facility, we looked to install solar as a way to pass along savings to our tenants, said Alexander Opper, the managing member of the Opper Group.
Solar provides us with a competitive edge in the marketplace with prospective tenants for whom the availability of solar means lower electricity costs. The Opper Group provides electricity to tenants through Power Purchase Agreements, or PPAs, at rates that are discounted from utility rates. The electricity is metered to provide both seller and buyer with the most accurate information about the amount of electricity generated and bought.The fixed rates provide a hedge for tenants against utility rate increases.
The Opper Group will utilize the US Treasurys 1603 Grant Program to offset a portion of the significant capital investment required for this project. In addition, they will be eligible to participate in the States Solar Renewable Energy Certificate (SREC) program. This program is a performance-based incentive which grants tradable certificates to system owners for each 1,000 kilowatt hours of electricity generated by the installed solar system.
Under the program, utilities will purchase SRECs from these solar producers in order to meet state Renewable Portfolio Standard mandates. We are expecting this investment to pay for itself in five years or less, said Opper. In addition, we are exploring the possibilities of installing solar on other facilities in New Jersey.
