Public Storage and Solar Landscape Announce Multistate Community Solar Portfolio
02 August 2023 - 6:05AM
Business Wire
Public Storage will host 133 solar projects on
facility rooftops to provide historically overlooked communities
with affordable renewable energy
Public Storage (NYSE:PSA), the nation’s leading self-storage
owner, and Solar Landscape, the leading commercial and industrial
rooftop solar developer, announced today that they have commenced
construction on the first of more than 130 rooftop community solar
projects that comprise a multistate community solar
partnership.
Together, the 133 community solar installations in Maryland, New
Jersey, and Illinois will power over 10,000 homes with renewable
energy. The 87.53-megawatt MW (DC) clean energy portfolio is one of
the largest in the nation making affordable renewable energy
accessible to low- and moderate-income (LMI) residents.
The program will allow local community residents to subscribe to
nearby solar installations located on Public Storage’s rooftops.
Subscribers will receive discounted electricity, often with
additional savings for LMI households. Community solar expands
access to renewable energy for those who are unable to install
solar panels for reasons such as high costs, lack of roof control,
or insufficient sunlight. Public Storage’s rooftop projects will
lower energy bills for subscribers, saving residents millions of
dollars per year on electricity costs.
The nation-leading community solar portfolio includes 21
projects spanning 13.2 MW that were announced on July 27 by the
Illinois Power Agency (IPA) as part of its Community-Driven
Community Solar tranche of the Illinois Shines program. The 21
projects will serve nearly 1,500 households.
Public Storage’s 57 low-income focused community solar
installations in Maryland will serve nearly 2,600 homes, many of
them LMI families, making it the largest portfolio of projects from
a single company in the Maryland Community Solar Pilot Program’s
LMI subcategory. These projects will save Maryland residents nearly
$1,000,000 per year on their energy bills.
Public Storage plans to dedicate up to 44 of its properties in
Illinois to community solar including the 21 approved by the IPA,
and plans to dedicate another 32 properties in New Jersey. The
company and Solar Landscape worked in close collaboration on site
selection, solar system design, financing options, and state
program applications to maximize the effectiveness of the company’s
rooftops. The proposed renewable energy installations will be
installed on more than 8,000,000 square feet of Public Storage’s
facility rooftops.
The community solar projects further Public Storage’s commitment
to sustainability, which focuses on creating long-term resilience,
growth, and value for the company’s communities, customers,
employees, and additional stakeholders. The 133 committed solar
projects in this partnership represent 13% of the company’s
commitment to install solar on more than 1,000 properties by
2025.
“Community solar furthers Public Storage’s strong commitments to
sustainability and our communities,” said John Sambuco, President
of Asset Management, Public Storage. “We are providing affordable
renewable energy for low- and moderate-income residents, reducing
our collective carbon impact on the environment, and converting
non-used rooftop area into socioeconomically productive space for
our company.”
“We are thrilled to collaborate with a forward-thinking company
like Public Storage on this nation-leading partnership to expand
solar accessibility to underserved communities, particularly
low-income families,” said Solar Landscape CEO and co-founder Shaun
Keegan.
About Public Storage
Public Storage, a member of the S&P 500 and FT Global 500,
is a REIT that primarily acquires, develops, owns, and operates
self-storage facilities. At March 31, 2023, we had: (i) interests
in 2,877 self-storage facilities located in 40 states with
approximately 205 million net rentable square feet in the United
States and (ii) a 35% common equity interest in Shurgard Self
Storage Limited (Euronext Brussels:SHUR), which owned 266
self-storage facilities located in seven Western European nations
with approximately 15 million net rentable square feet operated
under the Shurgard® brand. Our headquarters are located in
Glendale, California.
About Solar Landscape
Solar Landscape is the leading commercial and industrial rooftop
solar developer in the U.S. with experience in both community solar
and behind-the-meter solar projects. The company employs over 150
people and has more than 140 megawatts of solar energy projects
completed or under construction. For more about Solar Landscape,
visit www.solarlandscape.com.
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Ryan Burke (818) 244-8080, Ext. 1141
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