SmartStop Self Storage REIT Inc., a self-managed real estate investment trust (REIT), has completed the first in what it says will be many planned solar-panel installation projects. The photovoltaic system at its facility in Mt. Pleasant, S.C., is expected to contribute output of 61.38 kilowatts, resulting in an annual savings of 81,500 kilowatt hours (kWh). SmartStop worked with New York-based Warner Energy LLC to install the system, according to a press release.
The project at 701 Wando Park Blvd. is part of a larger SmartStop initiative to reduce the company’s carbon footprint and become more energy-efficient. The REIT intends to deploy similar installations over the next few years throughout locations in Canada and the United States. It plans to complete 10 solar-panel projects by the end of the year, which are projected to generate more than 1.3 million kWh annually, the release stated.
“This solar-panel installation at our Mt. Pleasant location is the first of many projects we have planned in the coming months and over the next few years,” said Michael McClure, CEO. “As property owners, we have an obligation that extends to our customers, our business partners and our surrounding communities to act as a responsible, ethical corporate steward. Beyond meeting our essential responsibilities to the environment, we're also focused on maintaining energy-efficient operations that meet the demands of a modern self storage operation. Over time, we expect our broader green-focused initiatives and other value-added capital investments will generate material energy and cost savings, and this launch represents a great first step in the right direction.”
Through its indirect subsidiary SmartStop REIT Advisors LLC, SmartStop sponsors other self-storage programs, including Strategic Storage Trust IV Inc., a public non-traded REIT. It has approximately $1.6 billion of real estate assets under management, including an owned and managed portfolio of 144 self-storage properties in 19 states and Toronto that comprises 10.9 million rentable square feet.