Salem, MA - Princeton Properties is pleased to announce its involvement in one of the state's larger single-site solar projects. The project is expected to begin this month and will consist of the installation of 2,000 roof-mounted photovoltaic panels. The panels are scheduled for delivery in stages over the next few weeks.
"We've always been concerned with efficiency and responsible development. We consider this a first step into the solar arena and hope to incorporate more projects into our company's green efforts. Once groSolar did the feasibility studies and showed us the numbers, we realized that solar was an affordable piece of the puzzle. It just made sense." said Kurt Shillington, Operations Manager at Princeton Properties.
New incentives make solar a sound real-estate investment. When Princeton Properties CEO Andrew Chaban met with a national solar installer and distributor, groSolar, he realized that installing solar electric on the company's Salem apartments would pay for itself in less than a year.
The 2,000 roof-mounted panels will power 100 percent of the common areas in the Princeton Crossing apartment community on Heritage Drive in Salem. Common areas in the 300,375 square-foot complex range from the parking lot lights to the laundry facilities. The solar electric system will result in an estimated annual savings of $73,000 in the site's electric bill.
The extraordinarily fast return of investment is due to a combination of incentives and credits provided by the state-funded Commonwealth Solar and the federal government. Commonwealth Solar was created in early 2008, by the Department of Energy & Resources and the Massachusetts Renewable Energy Trust. The organization has only one purpose: to accelerate the number of solar electric projects in Massachusetts.
"The solar industry has long been looking forward to the day when the cost of solar power is on par with conventional power sources. We call it 'grid parity,'" said groSolar Direct Sales Representative Dan Porrazzo. "With a one year return of investment on a project of this scope, we're clearly well past parity, proving that solar power is now a solid short term investment with long term benefits of clean, affordable energy."
"Princeton has great enthusiasm for this project, and we are determined to make it happen," said Claire Collins, VP of Marketing at Princeton Properties. "groSolar helped us see that we can do the right thing for the environment and improve our bottom-line at the same time."
About: Princeton Properties, headquartered in Lowell MA has been acquiring, leasing and managing apartments and furnished suites in Massachusetts, New Hampshire, Maine and Georgia since 1973. Princeton Properties has grown to include 5500 apartments in 38 communities. In addition to developing a reputation for its ability to rehabilitate and manage apartment communities, Princeton Properties is known for its corporate furnished housing program, which is used by major companies throughout the region for extended-stay housing.
Learn more at: www.princetonproperties.com or call 978-458-8700.