Installs 446 kW Solar Energy System atop Fitchburg’s Riverside Commons Complex
FITCHBURG, MA—JANUARY 5, 2016— MDP Development LLC, a real estate developer with residential and commercial properties in New Hampshire, Massachusetts and Connecticut, has installed a 446.2 kilowatt (kW) solar energy system atop its Riverside Commons property in partnership with Solect Energy of Hopkinton, MA. The project is expected to cover up to 70 percent of the building’s common area electricity needs.
Riverside Commons, a 100-year-old former mill building that was recently renovated, features 187 residential apartments and approximately 16,000 square feet of commercial space. The units are Energy Star rated (5 and 5-plus) and the property features many environmentally friendly features, including energy-efficient windows and water source pumps to heat and cool the building’s common areas.
“Solar energy makes this building much more energy efficient, and that makes it very attractive to current and potential tenants,” said Tony Marcotte, senior project manager for MDP. “The economics of solar are terrific, and we’re very happy about being able to control our costs by using a renewable energy source.”
There are thirty (30) units available in the phase that MDP recently completed. The development company tells prospective tenants about their environmentally friendly power source onsite to differentiate their apartments. “The array definitely helps set us apart from other properties,” Marcotte said. “It’s also an advantage to let potential tenants know that the solar array offsets the carbon footprint of 88 cars commuting to work.”
In addition to reducing its electricity costs, MDP is also able to take advantage of state and federal tax and financial incentives, including SRECs (Solar Renewable Energy Certificates), which are financial incentives based on the amount of solar energy their system generates. Electrical utility providers in Massachusetts purchase SRECs to help them meet their state-mandated goals of a percentage of power coming from renewable energy sources.
“MDP was very forward-thinking in their decision to include solar in their renovation plans of this 100-year-old mill property,” said Paul Reilly, director of business development at Solect. “By choosing solar along with other energy-efficient solutions, MDP is creating a building that will not only have mass appeal to tenants, but also help create cost savings and revenue streams for the next 25 years through federal and state incentive programs.”