Aspen Power, a distributed generation company, has completed a rooftop solar project with partner The Michaels Organization, a residential real estate developer. The PV system is located at a newly constructed multifamily complex in Davis, California. The first in a pipeline of projects for Aspen Power with The Michaels Organization, this solar array serves as a model to develop future projects.
“This project aligns perfectly with Aspen Power’s mission, as we scale with The Michaels Organization, while providing access to renewable energy options for those who need it the most,” said Jake Blaine, Senior Vice President, Multifamily, Aspen Power. “We are proud to have partners like The Michaels Organization who share our vision and embrace the value of transitioning to a clean energy future.”
The project is expected to produce up to 476,500 kWh of electricity in its first year of operation. The system will offset approximately 20% of the building’s total annual energy needs, which are otherwise provided by Pacific Gas & Electric (PG&E). Residents in the recently opened apartments are expected to save an average of 5% on their electricity bills as a result of installing this system.
“We are excited about the completion of the rooftop solar project at our Chiles Road apartments in collaboration with Aspen Power,” said Scott Cooper, VP of The Michaels Organization. “By incorporating clean energy technology, we can offer our tenants the dual benefits of environmentally friendly power and reduced energy costs. We are proud to partner with Aspen Power in creating a greener and more sustainable future for our communities.”
Aspen Power self-originated the project and provided a turnkey solution for the project—managing all aspects of the development from engineering and procurement through installation and interconnection with PG&E. Aspen Power owns the project and will maintain the panels for its operating lifetime.
The solar rooftop project developed by lets The Michaels Organization satisfy California’s Title 24 requirements, which call for multifamily properties to generate renewable energy on site.
Aspen Power recently acquired Safari Energy, expanding the company’s footprint in the commercial and industrial solar market, including more than 70 existing projects in California totaling 38 MW of solar capacity. Aspen Power set the goal of reaching the gigawatt scale of solar project deployment by mid-decade.
News item from Aspen Power
“Aspen Power self-originated the project and provided a turnkey solution for the project—managing all aspects of the development from engineering and procurement through installation and interconnection with PG&E. Aspen Power owns the project and will maintain the panels for its operating lifetime.”
This is the “tell” of the solar PV lease concept. What is not revealed is the company, Aspen Power is now leasing the roof of the apartment project and if or when the current owner wants to sell the property, they will have the perspective buyer, the owner and Aspen Power who has a long term “lease” on the roof space and probably a long term MOU with PG&E, that is an interloper in the negociations for the property price and sell. With new construction at least one can put the solar PV into the overall construction costs up front, without third party costs over the life of the system. The codicil to this is getting a large scale energy storage system for the apartement complex that can also be used for after hours storage/dispatch of cheap daily solar PV energy and have an on site ESS that can also be used by the local utility as a grid services provider creating a multiple revenue stream that will help payoff the original construction costs sooner, than later.