Rooftop leases offer New Jersey commercial property owners long-term revenue
New Jersey is one of a select number of states where commercial property owners can lease rooftop space to host a community solar array. Property owners are paid a lease rate per square feet of space, typically totaling 80,000 s/f or larger, on a quarterly basis for a term of 20 or more years. The roof is used to host a community solar project as part of New Jersey’s program run by the Board of Public Utilities (BPU) that launched last year. There is no obligation for the building owner to buy any of the power produced, instead, it is fed onto the local utility grid and purchased by nearby homeowners and businesses. This is an opportunity for property owners to monetize un-used roof space while providing a pollution-free, affordable and reliant source of energy for the local community. Lease Structures A solar rooftop lease is simple, its essentially a long-term silent tenant. Solar companies typically pay a reduced quarterly lease payment during construction and a full payment when the system begins operating and is interconnected to the electric grid. Construction typically lasts 12 weeks.