Project Brief
A CubeSmart managed property in Brandon, FL, strategically partnered with ESA in a bid to increase its property value through the reduction of operating costs, and in turn, boosting net operating income. This climate-controlled facility saw the installation of a robust 116.20 kW solar panel system, specifically designed to significantly reduce the storage facility’s electric bill and generate substantial savings over time.
The comprehensive solar system comprised 280 high-efficiency panels, all strategically placed to maximize energy production and offset a significant portion of the facility’s energy consumption. The system is expected to generate 173,518 kWh.
The project required a total capital investment of $264,827. However, this cost was greatly offset by the estimated Federal Tax Credit of $68,855 and the depreciation savings of $85,248. Consequently, the net project investment was brought down to $154,103.
System Details
Location
Brandon, FL
System Size
116.2 kW
Installation Type
Rooftop
Impact
- The solar installation resulted in a 97% reduction in the facility’s total electric bill.
- The project is projected to generate approximately $579,000 in electric bill savings over the next 25 years.
- The project will generate a 14.4% Internal Rate of Return (IRR).
- The solar installation is expected to result in a $480,000 property value increase at a 4% cap rate.
