NORFOLK, VA (February 2021) – Last night, the City of Norfolk approved a plan to purchase solar power from the owners of 1155 Pineridge Road, who will be installing a solar array on the roof of the 71,680 square foot warehouse facility located in Norfolk Industrial Park. The City of Norfolk Public Library currently leases space within the building.
The proposed configuration will include 850 400-watt solar panels. While the solar array will not remove the building from the electric grid, it is expected to produce enough power to replace entirely any power requirements from the grid.
During times of inclement weather, a built-in mechanism will automatically switch between the solar panels and the grid to ensure the building is never short of the power it needs.
Converting this property to solar energy will remove the equivalent of 8,638 tons of coal from being burned, or 21,341,000 miles of driving, and the same as planting 10,261 acres of new forest over the lifetime of the panels.
The cost of the solar installation will be over $490,000 and the Owners are working with a local lender to secure a loan through the recently enacted C-PACE (Commercial Property Assessed Clean Energy) program.
C-PACE allows for up to 100% financing of the cost of improvements for energy efficiency, renewable energy, water efficiency, resiliency and stormwater management. As a result of the potential C-PACE financing, the Owners are researching the replacement of older, inefficient systems, such as lighting and HVAC, as well as the installation of the new solar array.
In addition to doing the right thing for the environment, the Owners’ move to solar energy was driven by several factors, such as the federal incentives, like accelerated depreciation and tax credits.
For more information, please contact: Paul Peck, Vice President, S.L. Nusbaum Realty Co., 757.282.6511, ppeck@slnusbaum.com.
For building leasing inquiries, please contact: Stephanie Sanker, CCIM, SIOR, ssanker@slnusbaum.com or Sam Rapoport, srapoport@slnusbaum.com, 757.627.8611.
With over 115 years of expertise in the real estate industry, S.L. Nusbaum Realty Co. manages, develops and provides sales and leasing services for shopping centers, apartment communities, office, industrial and investment properties throughout the Mid-Atlantic and Southeast.
