New York's Cooperative and Condominium Community
October 09, 2014
With an abundance of low-lying, southern-facing roof space, the 930-unit Georgetown Mews co-op complex in Kew Gardens, Queens, has embarked on a massive solar-energy project that eventually will provide 35 percent of its energy needs. And by even the most conservative projections, it will pay off its full cost in under two years.
How did it get the funding to do this? And can you?
No matter how amazing your financing is, the last and — in the long run — the greatest of the financial attractions of a solar-power project doesn't appear in any computation of expenses; instead, it's the power the project will generate. Georgetown Mews, a sprawling, 930-unit co-op in Kew Gardens, Queens, is finally attempting to take control of that power. Its massive project will eventually provide 35 percent of the complex's energy needs and by even the most conservative projections will pay off its full cost in under two years.
Written by Ronda Kaysen on July 21, 2014
The sprawling, 60-acre Georgetown Mews co-op in Kew Gardens, Queens, spans a full four-block lot and has six bus stops and 930 garden apartments. Because of its ample roof space, the co-op may soon be able to install a 1,026kW solar-power system spread out over 32 separate buildings. The system will produce more than 35 percent of all the electricity consumed by this middle-class community. The price tag: $3.5 million. However, a load of incentives and a credit from Con Edison will shave the price down to a modest $458,000.
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