Solar Rainbow Services has signed an agreement with Paramount Assets, the US-based real estate company, for the installation of an 800kW solar photovoltaic rooftop on its 251,000 square foot warehouse in New Jersey.
“Paramount Assets owners understand the benefits that solar energy brings to their business financially. This agreement will add a new revenue stream, provide them with a fixed and reduced cost of electricity and by 'going green' gives them a marketing edge that increases their property value,” said Solar Bawabeh, CEO of Solar Rainbow.
“Solar Rainbow has formed a highly experienced team of solar PV designers, electrical contractors and financial partners to implement the solar installations,” said Ron Levy, senior vice president of property management at Paramount Assets.
Once the installation is complete, the warehouse tenants will be able to purchase the energy at below average retail energy rates agreed through the signed power purchase agreement (PPA).