https://re-nj.com/big-energy-how-fast-growing-solar-landscape-became-a-force-in-new-jersey-commercial-real-estate/
A state pilot program has made it notably easier and notably more lucrative for commercial landlords in New Jersey to join the clean energy movement, allowing solar developers to lease their rooftops and sell power to nearby residents.
For companies such as Solar Landscape, the opportunity was as clear as day.
Shaun Keegan
“Just like flying into Newark and seeing huge warehouses with no solar on them, the writing was on the wall,” said Shaun Keegan, co-founder and CEO of the Asbury Park-based solar developer. “It made a lot of sense, so we put a lot of resources into leasing those roofs.”
Solar Landscape has done more than simply seize the opportunity. It has become a key player with a visible presence in New Jersey’s commercial real estate industry, having leased more than 20 million square feet of rooftop space from some of the state’s top property owners. The firm also boasts the largest share of projects under the Community Solar Energy Pilot Program, launched in 2019 under Gov. Phil Murphy, as the state prepares to expand capacity and adopt permanent rules for the clean energy platform.
Equally important: Solar developers and local landlords have only scratched the surface in this area. Estimates say that just 4 percent of all rooftops larger than 100,000 square feet in the state have solar panels, the company says, in a time when real estate firms are increasingly focused on sustainability. Not to mention the fast-growing opportunity in other states, many of which have mimicked New Jersey’s Community Solar program, along with new federal incentives under the Inflation Reduction Act.