Five years ago, Zara Realty – a family owned reality firm based out of Queens, New York – began installing solar panels on their buildings after their Vice President, Tony Subraj, convinced his father and uncles – the owners and cofounders – that they would save more in the long run by reducing their expenses. After 5 years and approximately 6500 panels added to 46 buildings centered around their neighborhood, Zara has already made back its investment thanks in part to the many tax breaks and financial incentives provided both by the state and city of New York, and the cumulative savings on their electric bills. Between all installed panels, they generate approximately 2.5 million kilowatts of power annually, which at peak times can account for up to 96% of the power the buildings use.
And its not just them that benefits. Bronx grocery distributor Krasdale Foods recently completed a solar project which installed approximately 6000 panels across five acres of roof, which was backed by over $1.3 million in government incentives. The power from these panels is meant to be distributed to between 2100 and 2700 nearby homes, who will see a hefty discount on their monthly electric bill.
Additionally, increases in solar production are beginning to affect the grid statewide. Recently, on May 18, solar across the state produced close to 3200 megawatts, enough power to account for approximately 20% of the state’s total electricity demand for the day. And this amount is only going to go up.
At present, Upstate New York accounts for approximately 1690 megawatts of community solar projects, with the New York Energy Research and Development Authority (NYSERDA) estimating another 3042 megawatts of projects in advanced stages of development.