Pivot Energy and Extra Space Storage have announced collaboration 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 in early 2020 and are expected to be completed by the second quarter of 2021.
Solar energy has become a preferred upgrade for small-to-medium commercial buildings, such as self-storage facilities, due to the many benefits it offers building owners, including reducing operations costs, increasing property value, meeting consumer demand, and much more.