Empire State Realty Trust (NYSE: ESRT) shared plans today for a community solar project at their 287,351 square foot office property at 500 Mamaroneck Avenue in Harrison, N.Y. The innovative property improvement will serve as a new revenue source, contracted for the next 25 years, with approximately forty percent of the monetary credits generated by the project allocated towards the ongoing cost to power the Westchester office building.
The rest of the credits will be available to local residents to share in the solar project’s benefits, which include electricity cost savings. To be completed at no cost to ESRT, the project will feature a new parking canopy solar array that will provide year-round elemental shelter for roughly 500 vehicles, an 8.2-MWh battery storage system, and approximately 80 electrical vehicle (EV) charging stations for tenant convenience.
Tenants of 500 Mamaroneck have a leg up to achieve their goals simply through their tenancy in the building. The property is now uniquely positioned to reach some of real estate’s most aggressive ESG targets, to improve the tenant experience, and to generate an innovative new source of cash flow,” said Dana Robbins Schneider, ESRT senior vice president of sustainability, energy, and ESG. “This community solar and storage project at 500 Mamaroneck will cost ESRT zero capital investment, generate stable, positive free cash flow over a 25-year period, and improve 500’s competitive position.”