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Extra Space to Add Solar Panels to Indianapolis Self-Storage Facilities

Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, intends to install solar panels at five of its Indianapolis locations this year. If local permits are approved, installations are expected to begin this summer, though they could be delayed due to the coronavirus pandemic. The REIT plans to have solar installations complete at 10 properties in the Indianapolis area in the next two years, according to the source.

The first five locations scheduled to receive solar-panel systems are:

  • 4732 S. Emerson Ave.
  • 8040 Georgetown Road
  • 3350 Lafayette Road
  • 5390 Rockville Road
  • 9499 E. Washington St.

The REIT has a long history of investing in solar energy, with systems in place at more than 440 locations, the source reported. It recently surpassed 100 solar-panel projects with partner Safari Energy.

Though the company’s long-term goal is to install solar-panel systems throughout its self-storage portfolio, Extra Space uses a range of factors to determine project viability, including local tax credits or incentives, roof size, building age, how much power a site uses, and how much sun it receives, corporate communication manager McKall Morris told the source.

Headquartered in Salt Lake City, Extra Space owns or operates more than 1,817 self-storage properties nationwide and in Puerto Rico. The company’s properties comprise approximately 1.3 million units and 140 million square feet of rentable space.

Source:
IBJ, Self-Storage Firm Installing Solar Panels at Some Local Sites

TAGS: News REITs
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