PILESGROVE, NJ-Forget about New Jersey being the Garden State. Solar panels are rapidly joining blueberries and corn as the major tenants growth out of the state’s land, including a 20-megawatt farm under construction here.
One of the largest solar farms in the United States, according to co-developers Con Edison Development and Panda Power Funds, the Pilesgrove generating station will feature 71,400 panels that promise eventually to power more than 5,100 homes. The farm will go on line in mid 2011. Other Con Edison projects now under way include a joint build with SunPower Corp. in Murray Hill at the Alcatel-Lucent site.
This last is a particularly appropriate location, according to Mark Noyes, VP and COO of CED, a subsidiary of Consolidated Edison Inc. “The first solar cell was produced in 1954 by Alcatel-Lucent,” when it was Bell Labs, Noyes says, and the new site will also reflect new technology. “Rather than fixed technology, this array tracks the sun.”
This, he explains, maximizes the amount of light that can be captured in the same amount of space. Though more expensive, it is more productive. “You get more energy and solar renewable energy certificates,” Noyes says. “If land is expensive, you do that.”
Expensive land has not gotten in the way of development in the state; in fact, New Jersey is second only to California in terms of solar-power generating capacity. And with 100% accelerated depreciation in place, development can take off, Noyes notes, and CED is no exception. The company is beginning construction on four other sites: one in Flemington, two in Frenchtown and a fourth in Lebanon Township, adding 18 megawatts by the end of the year.
CED isn’t alone. Another subsidiary, ConEdison Solutions, which has done smaller solar projects in Massachusetts, is also moving into New Jersey. “We offer our electricity customers the opportunity to buy renewable energy, anywhere from 1% to 100%,” says Michael Perna, the VP of Business Development for ConEdison Solutions. Options include wind power as well as solar.
According to industry estimates, demand for solar energy over the past 15 years has grown at an annual rate of approximately 30%, according to CED.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
