LOS ANGELES-New research from the UCLA Luskin Center for Innovation shows that Los Angeles' solar power rooftop program is meeting the city's ambitious goals. The FiT program allows commercial real estate owners to sell clean energy obtained through rooftop solar panels to the LADWP. The study shows that these business will have generated and sold 100 megawatts of clean power for the city by 2015.
The cost of the clean power generated by rooftop solar panels on retail properties, warehouses and apartment complexes is $.15 per kilowatt hour, which is the lowest cost of any solar-power program in North America. Once these businesses sell the power to LADWP, both residential and business customers can use it. "Together the City of Los Angeles and the LABC have made great strides towards our efforts to reduce the City's dependency on coal, moving away from centralized generation toward a more distributed model," says L.A. City Councilmember Mitchell Englander. To date, the program has already generated 40 megawatts of clean power.
UCLA believes the program will eradicate 2.7 million tons of greenhouse gases from the environment each year once it achieves its goal of 100 megawatts. That is the equivalent of removing 500,000 cars from the road. However, with 10,000 acres of rooftop space in Los Angeles, the program is on a track to continue to grow past this benchmark. Felina USA recently joined the program, installing 1.1 MW SunPower solar power system on the 3-acres of rooftop space at its Chatsworth distribution center.
The program's economic benefits are equally as substantial as the environmental benefits. The first 40 megawatts will create 862 jobs, while the 100 megawatt benchmark will generate 2,000 total jobs, including 1,370 direct jobs and 785 jobs indirectly related to the program. Solar companies and businesses connected to the program are also estimated to invest $300 million with the City of Los Angeles.
"The UCLA findings on the FiT program's launch provide the hard economic and environmental data that city officials need to justify expanding the program," L.A. City Councilmember Paul Koretz says. "We have the potential to scale this program like no other city in America, and the environmental and economic benefits will be impressive in their size and scope for decades to come."
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.