Tenants at multifamily residences owned by The Michaels Organization will benefit from clean energy and lower bills
NEW YORK, May 22, 2023 – Aspen Power, a distributed generation platform with the mission of accelerating and democratizing decarbonization, announced today that it has completed its initial solar project with partner The Michaels Organization, a national leader in residential real estate. The rooftop PV system is located at a newly constructed multifamily complex in Davis, California. The first in a pipeline of projects for Aspen Power with The Michaels Organization, this successful project serves as a model to programmatically develop future projects.
“This project aligns perfectly with Aspen Power’s mission, as we scale with The Michaels Organization, while providing access to renewable energy options for those who need it the most,” said Jake Blaine, Senior Vice President, Multifamily, Aspen Power. “We are proud to have partners like The Michaels Organization who share our vision and embrace the value of transitioning to a clean energy future.”
The project is expected to produce up to 476,500 kilowatt hours (kWh) of electricity in its first year of operation, preventing 380 metric tons of CO2 emissions, or the equivalent of leaving 781 barrels of oil in the ground. The system will offset approximately 20% of the building’s total annual energy needs, which are otherwise provided by Pacific Gas & Electric (PG&E). Residents in the recently opened apartments are expected to save an average of 5% on their electricity bills as a result of installing this system.
“We are excited about the completion of the rooftop solar project at our Chiles Road apartments in collaboration with Aspen Power,” said Scott Cooper, Vice President, The Michaels Organization. “By incorporating clean energy technology, we can offer our tenants the dual benefits of environmentally friendly power and reduced energy costs. We are proud to partner with Aspen Power in creating a greener and more sustainable future for our communities.”
Aspen Power self-originated the project and provided a turnkey solution for the project—managing all aspects of the development from engineering and procurement through installation and interconnection with PG&E. Aspen Power owns the project and will maintain the panels for the life of the project.
The solar rooftop project developed by Aspen Power enables The Michaels Organization to increase net operating income and asset value, enhance tenant amenities and benefits, and satisfy California’s Title 24 requirements, which call for multifamily properties to generate renewable energy on site.
Aspen Power has observed a significant rise in the number of multifamily property developers and owners interested in adopting solar energy to conform with the state’s building energy efficiency standards. Aspen Power’s complete solution takes care of the solar so their real estate partners like The Michaels Organization can stay focused on their core real estate objectives.
Aspen Power recently acquired Safari Energy, expanding the company’s footprint in the commercial and industrial (C&I) solar market, including more than 70 existing projects in California totaling 38 megawatts of solar capacity. With the goal of reaching gigawatt scale by mid-decade, Aspen Power is committed to advancing the transition to a more sustainable energy future nationwide.
For more information, please visit Aspen Power’s new website at www.aspenpower.com.
About Aspen Power
Aspen Power is a distributed energy generation platform with the dual mission of accelerating and democratizing decarbonization. We partner with businesses, communities, and others in the industry to develop, construct, and operate renewable energy assets. Our experienced team is passionate about solving our clients’ energy challenges to deliver a sustainable future throughout the U.S. For more information, please visit aspenpower.com.