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DENVER, Oct. 26, 2020 /PRNewswire/ --
National solar developer, Pivot Energy, announced its collaboration with Extra Space Storage to install 65 rooftop solar systems on storage buildings across eight states, including Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Michigan, and Tennessee.
The portfolio totals 5.5 megawatts of emission-free and reliable energy, producing enough electricity to power nearly 1,000 homes for an entire year. The portfolio is estimated to save Extra Space $600,000 during the first year and an incredible $15 million over the 25-year life of the systems. Each location receiving a solar system is expected to offset its energy demand by 80-100%, making Extra Space locations some of the greenest storage facilities in the country.
"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 Extra Space Chief Operations Officer Matt Herrington. "Solar produces a great return on investment, and helps drive down our electrical expense."
Pivot and Extra Space first partnered in 2018 to install 3-megawatts of solar on buildings located in Illinois and Colorado.
"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."
Installation of the solar systems began earlier this year and are expected to be completed by Q2 2021.
Solar energy has become a preferred upgrade for small-to-medium commercial buildings — like self storage facilities — because of the multitude of benefits it offers building owners, including reducing operations costs, increasing property value, meeting consumer demand, and much more.
Pivot Energy is a Denver-based solar energy company that is focused on helping accelerate the rapid transition taking place in the energy industry to a more decentralized and cleaner approach to power generation. Pivot offers a distributed energy platform that includes a range of services and software aimed at serving the full commercial solar ecosystem, including retail customers, project developers, system operators, utilities, and financiers. The company develops, finances, builds and manages community and commercial solar projects around the country. Pivot operates on a triple bottom line basis, measuring success by the positive impact to people, planet, and profit. Learn more at pivotenergy.net.
Extra Space Storage Inc., headquartered in Salt Lake City, is a real estate investment trust (REIT), and a member of the S&P 500. As of June 30, 2020, the Company-owned and/or operated 1,878 self-storage properties, which comprise approximately 1.3 million units and approximately 145.4 million square feet of rentable storage space offering customers conveniently located and secure storage units across the country. The Company is the second-largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.