Safeguard has signed an agreement to install solar panel systems at 25 facilities. The units will be placed in select New York and New Jersey locations and expected to generate over 2,000,000 KWH of clean, renewable electricity, meeting at least 95% of each store's energy needs. The first installations will be implemented in late summer of 2014, and all units will be operational by autumn. The panels will help these stores reduce their dependency on the 'grid' and help contribute to a more sustainable future. Safeguard officers expressed their excitement at this new development for the company.
"New York and New Jersey are great first markets for Safeguard Self Storage to invest in solar panel systems because it’s cold in the winter and hot in the summer, electricity costs are high and there are meaningful government incentive programs there to entice us to invest”, said Allan Sweet, Chief Executive Officer.
“These systems will enable Safeguard Self Storage to breakthrough yet another higher hurdle of profitability for its investor while, at the same time, doing something good for the environment and the communities we serve. We will continue to investigate other markets for which this product might make sense" said Mark B. Rinder, Executive Vice President and Chief Financial Officer.
“This is a terrific step forward for Safeguard Self Storage, saving well over $50,000 per month (after installation is complete in October 2014) and, in addition, shielding the company from the inevitable rate increases the utilities will pass on in the future. " said Ken Finlay, Senior Vice President of Operations.
Provider Trinity Solar Systems has installed over 6,000 systems in the Northeast and presently has solar panel systems in place generating over 85,000,000 KWH of electricity. Trinity Solar recently installed solar panel systems on 23 self-storage facilities in New Jersey owned by an independent operator that is generating about the same amount of electricity that Safeguard Self Storage is expecting to realize from its installation.