Solar power at the Village at Legacy Ridge in Westminster.
Boulder-based Conscience Bay Co. ?has flipped the switch on an powerful solar array at the Village at Legacy Ridge apartment community in Westminster.
Conscience Bay, a private equity firm investing in core office, multifamily and mixed-use properties, ?acquired the 221-unit Class-A apartment complex in partnership with Denver-based Corum Real Estate Group last December and 86 kw of renewable energy is flowing only six months later. Corum, the original developer of the Village at Legacy, also manages the property and oversaw the installation of the solar project.
The $350,000 solar power system, designed and installed by Namaste Solar of Boulder, has 360 panels, spanning 15 buildings on the 12-acre site. The solar panels generate enough electricity to meet the majority of the property?s common electricity load.
?We are proud of our investment in renewable energy, which will allow residents the privilege of participating in sustainability,? said Eli Feldman, president of Conscience Bay. Jamie Fitzpatrick, principal of Corum Real Estate Group added: ?We are delighted with our partnership with Conscience Bay, as we are both long-term holders of real estate, and controlling utility costs is a major component of our sustainable investment strategy.?
In addition to solar, Conscience Bay invested in a state-of-the-art irrigation controller that preserves water by measuring soil moisture and only activates when necessary. You won?t see the Village sprinklers running during a thunderstorm. The firm is implementing a holistic water efficiency plan for the complex, which includes an indoor water fixture analysis and aerator replacement program, plus the targeted replacement of excess turf grass with drought-tolerant native plants.
As part of their strategic investment plan, Conscience Bay and Corum participated in the Solar Rewards rebate program offered by Xcel Energy and the American Recovery and Reinvestment Act of 2009, which created a renewable energy grant program administered by the U.S. Department of Treasury. These rebates and grants are expected to defray almost 60 percent of the up-front cost of the system.
The remainder of the capital costs will be recovered in approximately six years, through a combination of REC payments guaranteed by Xcel for the first ten years of operation, and the actual value of the electricity generated on-site.
Contact John Rebchook at JRCHOOK@gmail.com
?
Related Posts:
Source: http://insiderealestatenews.com/2012/03/apartment-goes-solar/
the secret world of arrietty cee lo allen iverson jr smith chris anderson rondo suspended bay bridge
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.