There are several ways solar panels for shopping malls NJ increase retail center profitability. Recently, one major New Jersey shopping mall has installed about a 3.49 MW solar project. This PV system contains about 9,000 solar panels, spanning over nearly 225,500 square feet of the mall’s rooftop. In addition, it is estimated to product over four million kWh of clean, renewable energy for the shopping center. While this may seem like a massive initial investment, solar systems can significantly reduce operational costs and pay for themselves in the long-run. As a shopping mall executive, you need to know what ways switching to solar can reduce your expenses. Read on to learn about how solar panels for shopping malls NJ increase retail center profitability.
Protect Against Rising Electric Rates
First, solar panels for shopping malls NJ are huge to protect against rising electric rates. Often, electricity bills can increase as much as 6% per year. If your shopping center electric bill costs $1,000 per month, this means it can increase to over $3,000 per month within 25 years. With a rooftop solar system, you can significantly offset your electric costs. Once installed and connected to the grid, your solar system can reduce your electric bills to nearly zero costs. Notably, one shopping center was able to save about $300 per day on electric costs alone. With top solar systems lasting over 25 years, many retail facilities actually earn a profit off of their solar panels. Definitely, install a NJ solar panels on your shopping mall to protect against rising electric rates.
Power During Outages
Next, solar panels for shopping malls NJ can provide power during outages. Importantly, many top solar contractors can install solar batteries, large capacitors, and other types of devices to store energy. In the event of an emergency power outage, you can use this stored electricity to maintain operation and power your retail store. Notably, solar power can provide an efficient source of emergency energy to power critical communications and water purification systems as well. Additionally, your store can significantly on generator operations. Absolutely, solar-powered shopping malls are a great way to increase the profitability of your retail center.
In addition, you can solar panels for strip malls NJ can also increase their income through net metering. With New Jersey’s net metering policy, commercial facilities can receive credit on their utility bills for unused energy. Typically, these credits are worth the wholesale value of the energy. Importantly, renewable energy systems may produce more energy than your facility uses. Often, this occurs on bright sunny days when the panels can collect higher amounts of energy. When production exceeds, usage, the utility meter spins backwards and provides you credits for your excess energy. To maximize your electric cost savings, enroll your solar-powered NJ shopping mall in the net metering program.
Moreover, solar panels for malls can also increase your business profitability through NJ TRECs. The Transition Renewable Energy Credit (TREC) program offers participants $152 per MWh for up to 15 years after the installation. Notably, the NJ BPU was implemented to replace SRECs. Since SRECs were based on a variable pricing model, it was difficult to estimate potential cost savings. Since commercial facilities are usually fixed at $152 per MWh, you can easily estimate your earnings. For instance, a system that generates 60 MW per year could generate over $9,000 from the solar system. Undoubtedly, TRECs are a great incentive program to generate profit for solar shopping malls NJ.
Gain A Competitive Market Edge
Furthermore, solar systems for shopping malls in New Jersey also allow companies to gain a competitive market edge. Increasingly, American shoppers are becoming more cognizant of their environmental impact. Indeed, more consumers are looking for eco-friendly retail companies that support environmental initiatives. By installing solar panels on your shopping facility, you can reach customers who are looking to support environmentally friendly companies. Of course, your investment goes a long way towards increasing your carbon footprint as well. In short, install a rooftop solar panel system to gain a competitive market edge and boost sustainability in your retail facility.
There are several ways solar panels for shopping malls NJ increase retail center profitability. First, solar panel systems are critical to protect against rising electric rates. Next, solar batteries and capacitors can continue to power your facility in a power outage, saving generator costs. In addition, net metering is another way you generate income from your solar system. Moreover, TRECs also reimburse commercial facilities for their power as well. Of course, these are a great NJ commercial solar incentive to maximize your profitability. Furthermore, you can gain a competitive market edge by attracting an eco-conscious client base. Consider these points to learn about how solar panels for shopping malls NJ increase retail center profitability.