Solar Energy World announced the installation of a 55.5kW Solar Panel System for Glebar Precision Grinding of Franklin Lakes, N.J.
WHIPPANY, N.J. - Solar Energy World announced the installation of a 55.5kW Solar Panel System for Glebar Precision Grinding of Franklin Lakes, N.J.
With businesses and building owners looking to reduce energy costs in a tight economy and intensified debate about the nation's energy future, solar panels have become a viable investment vehicle for many businesses.
The installation consists of 300 Schuco monocrystalline panels at 185 watts each, which will save approximately $8,000 in utility expenses each year. Glebar took advantage of a federal tax grant to cover 30 percent of the system's $278,500 cost.
Additionally, the project will generate approximately 61 Solar Renewable Energy Credits (SREC). These credits can be sold on New Jersey's SREC tracking system and will generate approximately $300,000 in revenue during the system's first 15 years. SRECs are credits earned per 1,000 kWh of electricity generated from solar systems that are then bought by utility companies in order to meet the requirements of New Jersey's Renewable Portfolio Standard.
New Jersey's SREC system is second in the nation only to California's. More information about New Jersey's SREC program can be found atwww.njcleanenergy.com/renewable-energy/programs/solar-renewable-energy-certificates-srec/new-jersey-solar-renewable-energy.
“Installations like this one at Glebar represent everything great about solar energy,” said George Dunning, Solar Energy World's New Jersey Managing Partner. “They are installing an environmental system that not only supports energy sustainability, but will also be financially beneficial to their bottom line.”
Solar Energy World provided Glebar with a customized system for their building that will provide maximum efficiency.
When complete, the system will cover about 70 percent of the 23,000-square-foot building's roof. Glebar selected Solar Energy World for the project due to the material selection, pricing, and the system design, which is utilizing every square inch available, without causing shading and decreased system efficiency.
“I wanted a safe and dynamic investment vehicle and I am very conscious of doing my part to reduce greenhouse emissions,” Glebar owner Fred Schumacher said. “I have a lot of strict codes in place to prevent polluting the environment with waste from the business and this was a logical way to be clean and green, while also seeing a return on investment.”
The installation is expected to be completed this month.