Kimco, with properties in the United States, Puerto Rico, Canada, Mexico and South America, has a corporate responsibility initiative, andis a member of the US Department of Energy’s Commercial Real Estate Alliance (CREEA), which promotes technology to reduce the energy consumption and greenhouse gas emissions of the commercial real estate market.

The company installed its first solar array at its center in North Brunswick, NJ in 2010. To date, New Jersey is the only state where Kimco has installed solar installations. But further development in New Jersey is on hold since the collapse of the solar renewable energy credit (SREC) market in 2011. The credits are sold to offset the cost of installation. However, prices which had risen as high as $670 per credit most recently have traded at $225 each, according to SREC Trade.

“The robustness of the SREC market at the time made New Jersey a logical candidate,” Teichman says. “Part of the reason that we’re expanding our efforts outside the state is that the SREC market has been so volatile.”

Instead, Kimco is looking at installations elsewhere, though solar is facing challenges: While component prices are declining, which should be helpful, incentives also are decreasing, Teichman says. But the savings justify trying to make it work.

“The sites thus far have performed within expectations, which is why we are exploring other opportunities,” Teichman says.

These include other energy-saving alternatives for at least some of Kimco’s 130 million square feet in 44 US states.

“Our solar program fits into a larger initiative,” Teichman says. “We’re definitely evaluating other initiatives as well. There are a lot of different opportunities in small scale projects. We’re really excited about the prospects.”