Extra Space Storage adds 2.7 MW to solar arsenal
The solar panels at Extra Space Storage’s North Bergen New Jersey Facility
Extra Space Storage
Finalizing a deal with developer Pivot Energy, Extra Space Storage has announced that the company will be adding 2.7 MW of solar capacity across its 23 Colorado and Illinois locations.
The deal is welcome development for Extra Space Storage, which has been adding solar to its storage locations since the pre-historic days of 2010. The installations have an expected environmental impact on par with taking 600 cars off the roads, according to the company.
“Solar is now a big part of our corporate sustainability program, and part of our ongoing effort to be good corporate citizens,” said Chief Executive Officer of Extra Space Storage Joe Margolis in a release announcing Extra Space’s development with Pivot. “Generating rooftop solar energy production in lieu of using energy from carbon emitting sources furthers this commitment and leverages a previously unused asset within our portfolio – our rooftops – and provides cost savings from reduced utility expense.”
With this announcement the consistent trend of corporations choosing to develop with solar energy marches on. Just this week, Comcast chose to add a solar array to its Northeast Division. On a larger scale, this development by Extra Space represents an entry into the more than 5 Gigawatts (GW) of renewable energy that U.S. companies are expected to to procure by the end of 2018.
Corporate procurement of renewables is already up to 4.81 GW for 2018 alone, up a full 2.03 GW from 2017, with over a month left to grow. What’s more is that this development marks the fifth corporate renewable energy sourcing deal to be signed by a Utah-based company. As the second-largest operator of self-storage properties in the United States, Extra Space represents a serious commitment to solar in the corporate sector.
“Extra Space is a demonstrated leader not only in the self-storage market but also in environmental stewardship,” said Pivot Energy’s CEO Rick Hunter in the release. “They are also a leader in the U.S. commercial solar rooftop space. In 2017 alone they generated over 16.8 megawatt hours (MWhs) through on-site solar panels.”