In the ongoing narrative of renewable power, success is often measured in superlatives.
The stories that get top billing often describe massive wind-farm developments, science-fiction-like discoveries and major breakthroughs. A recent project in Los Angeles is no exception.
ReGreen, a locally based provider of solar-energy solutions for residential and commercial buildings, announced a partnership with Goldrich & Kest Industries, a local rental property management company, to install solar power on the company’s buildings throughout Los Angeles. The project is being described in grandiose terms.
According to ReGreen, it is “one of the largest multifamily portfolio solar installations of the decade.” Hyperbole aside, the project does have some impressive stats.
It consisted of 112 separate installations of solar-thermal (hot water) and solar-photovoltaic (PV) systems, which were installed on 34 apartment complexes. Collectively, they consisted of 1,200 Heliodyne solar-thermal panels and another 1,664 solar-photovoltaic panels.
More important than its size and scope are the savings the project will bring to the owner. According to ReGreen, Goldrich & Kest will reduce its energy use by 70 percent per year. In unit measures, that amounts to a reduction of 6.8 million kilowatt-hours.
Saving energy is good, but every business has a bottom line. According to Kevin Refoua, co-founder and CEO of ReGreen, the project will have huge financial benefits, too.
“Approximately 84 percent of Goldrich & Kest’s investment will be recovered by the end of year one, thanks to the 30 percent federal solar tax credit, depreciation and utility rebates,” Refoua said.