Update 10/28/20 – Extra Space has partnered with solar-power company Pivot Energy to add 5.5 megawatts of capacity at 65 of the REIT’s locations in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Michigan and Tennessee. The will offset 80 percent to 100 percent of each facility’s energy demand, while the systems will collectively produce enough electricity to power nearly 1,000 homes for a year, according to a press release. They’re are expected to be complete by the second quarter of 2021.
Extra Space estimates its savings on energy costs will be $600,000 in the first year and $15 million during the 25-year lifespan of the systems. “At Extra Space, we believe in running a company that is built to last. By investing in solar and other sustainability initiatives, we are committed to making a positive impact on the environment, which benefits our employees, customers, shareholders and communities,” said Matt Herrington, chief operations officer for Extra Space. “Solar produces a great return on investment and helps drive down our electrical expense.”
“Extra Space Storage has once again proven that good environmental decisions make for good business decisions,” said Mat Elmore, vice president of business development for Pivot Energy. “Self-storage facilities present a tremendous opportunity to reduce carbon emissions from the commercial-building sector and reduce operating expenses for facility owners during a time where businesses are seeking to save money and serve as good environmental stewards.”
Extra Space and Pivot partnered in 2018 to add 2.7 megawatts of capacity at 23 self-storage locations in Colorado and Illinois.
Based in Denver, Pivot Energy offers a range of services and software aimed at serving the full commercial solar ecosystem, including retail customers, project developers, system operators, utilities and financiers, according to the release. The company develops, finances, builds and manages community and commercial solar projects nationwide.
5/5/20 – Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has partnered with solar-power company Pivot Energy to add 2.7 megawatts of capacity at 23 of the REIT’s locations in Colorado and Illinois. The environmental impact of the solar projects will be the equivalent of taking more than 600 cars off the road each year, according to a press release.
“Solar is now a big part of our corporate sustainability program, and part of our ongoing effort to be good corporate citizens,” said Joe Margolis, CEO of Extra Space. “Generating rooftop solar-energy production in lieu of using energy from carbon-emitting sources furthers this commitment and leverages a previously unused asset within our portfolio—our rooftops—and provides cost savings from reduced utility expense.”
The REIT began installing solar panels at its facilities in 2010. In 2011, Extra Space became a partner of the Environmental Protection Agency’s Energy Star program, with a goal of improving energy efficiency and fighting climate change through a strategic, corporate energy-management program. It installed solar panels on 21 of its New Jersey facilities that summer as part of a nationwide agreement with 1st Light Energy, a company that specializes in commercial and residential solar-energy systems.
In 2014, Extra Space partnered with Locus Energy, a provider of solar-panel monitoring and data analytics, to help manage the 150 solar-panel systems installed at its properties at the time. Twelve of its facilities in Maryland earned LEED (Leadership in Energy & Environmental Design) Gold Certification in 2015.
Earlier this year, Extra Space surpassed 6.7 megawatts of capacity at 58 properties across nine states, with the help of solar-power partner Safari Energy.
“Extra Space is a demonstrated leader not only in the self-storage market but also in environmental stewardship,” said Rick Hunter, CEO of Pivot Energy. “They are also a leader in the U.S. commercial solar rooftop space. In 2017, alone, they generated over 16.8 megawatt hours through onsite solar panels.”
“Extra Space is a demonstrated leader not only in the self-storage market but also in environmental stewardship,” said Rick Hunter, CEO of Pivot Energy. “They are also a leader in the U.S. commercial solar rooftop space. In 2017, alone, they generated over 16.8 megawatt hours through on-site solar panels.”
Headquartered in Salt Lake City, Extra Space owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.
Based in Denver, Pivot Energy offers a range of services and software aimed at serving the full commercial solar ecosystem, including retail customers, project developers, system operators, utilities and financiers, according to its website. The company develops, finances, builds and manages community and commercial solar projects nationwide.
Sources:
PR Newswire, Extra Space Storage Continues Clean Energy Leadership with 65 More Solar Installations From Pivot Energy
Solar Power World, Pivot Energy Bringing 2.7 MW of Solar to Self-Storage Units in Colorado, Illinois
