August 4, 2023

2 Min Read
Self-Storage REIT Public Storage Announces Multi-State Community-Solar Initiative

Public Storage Inc., a self-storage real estate investment trust (REIT) and management company, is partnering with Solar Landscape to add more than 130 community-solar projects at its facilities in Illinois, Maryland and New Jersey. The program will allow residents to subscribe to nearby solar installations on Public Storage rooftops to receive a discount on their electricity, according to a press release.

The proposed renewable-energy installations will be added on more than 8 million square feet of rooftop space. It’ll expand access to renewable energy for those who are unable to install solar panels on their own homes.

“Community solar furthers Public Storage’s strong commitments to sustainability and our communities,” said John Sambuco, the REIT’s president of asset management. “We are providing affordable, renewable energy for low- and moderate-income residents, reducing our collective carbon impact on the environment, and converting non-used rooftop area into socioeconomically productive space for our company.”

The community-solar portfolio includes 21 projects serving 1,500 households and spanning 13.2 megawatts, which was announced in July by the Illinois Power Agency (IPA) as part of its Community-Driven Community Solar tranche of the Illinois Shines program. Public Storage’s 57 installations in Maryland, focused on low-income residents, will serve nearly 2,600 homes. It’s the largest portfolio of projects from a single company in the Maryland Community Solar Pilot Program’s low- to moderate-income subcategory. These projects will save local residents nearly $1 million per year on their energy bills, the release stated.

Public Storage plans to dedicate up to 44 of its properties in Illinois, including the 21 approved by the IPA, and another 32 in New Jersey. The REIT worked with Solar Landscape on site selection, system design, financing options and program applications in each state.

The community-solar projects further the REIT’s commitment to sustainability, which focuses on creating long-term resilience, growth and value for its communities, customers, employees and additional stakeholders. The 133 solar projects in this partnership represent 13% of the company’s commitment to install solar on more than 1,000 properties by 2025, the release stated.

“We are thrilled to collaborate with a forward-thinking company like Public Storage on this nation-leading partnership to expand solar accessibility to underserved communities, particularly low-income families,” said Solar Landscape CEO and cofounder Shaun Keegan.

Based in Glendale, California, Public Storage has interests in 2,877 self-storage facilities in 40 states, with approximately 205 million net rentable square feet. It holds a 35 percent interest in Shurgard Self Storage SA, which has 266 facilities in seven European countries, with approximately 15 million net rentable square feet.

Solar Landscape is a commercial and industrial rooftop-solar developer with experience in community solar and behind-the-meter solar projects. The company has more than 140 megawatts of solar-energy projects completed or under construction.

Source: Business Wire, Public Storage and Solar Landscape Announce Multistate Community Solar Portfolio

 

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