Rooftop Solar Can Help REITs Cut Buildings' Carbon Emissions in Half and Tap New Revenue Stream

14. November 2007 | 19:08 Uhr

Rooftop Solar Can Help REITs Cut Buildings' Carbon Emissions in Half and Tap New Revenue Stream

LAS VEGASCA-RECURRENT-ENERGY

Institutional owners of U.S. commercial real estate, including publicly owned real estate investment trusts (REITs), currently control enough rooftop real estate in the U.S. to generate 15,000 megawatts of solar power -- and cut the carbon emissions of those properties by as much as 50%, according to Recurrent Energy, a San Francisco-based solar services provider.

According to the EPA, electricity usage is the single largest source of carbon emissions for commercial buildings. Considering only those rooftops controlled by institutional investors where solar can be cost effective, 15,000 megawatts of new solar electric generation would mean annual avoided emissions of about 30 billion pounds of carbon dioxide. That?s roughly equal to the environmental benefits of taking 3 million cars off the road.

Currently, in the US, less than 750 MW of electricity is generated through off-grid and grid-connected solar installations.

"Organizations that own a substantial Portfolio of commercial buildings have a critical role to play in reducing U.S. greenhouse gas emissions," said Craig Cornelius, Program Manager for the U.S. Department of Energy's Solar Energy Technologies Program. "Rooftop solar energy is an ideal building enhancement, providing on-site pollution-free electricity."

"By tapping the solar potential of empty rooftops, owners of large commercial real estate portfolios, such as REITs, have a unique opportunity to quickly and effectively reduce their greenhouse gas emissions," said Arno Harris, CEO of Recurrent Energy.

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