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Clean Energy Solutions: Five states investors need to consider

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There are a number of states that offer significant financial incentives for investors that implement clean energy technologies, provided in various structures for the tenant, owner-occupier and owner-investor. Clean energy technology options are available to allow for greater savings or increased revenues, and can remain with the real estate asset or move with the sale of the property. These include a selection or combination of: on-site solar PV on the rooftop, parking lot or installed on the ground coupled with battery storage or co-generation technologies. Clean energy technology providers, energy program developers and financial parties are actively looking for options to implement clean energy technologies.

Published in: Real Estate
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Clean Energy Solutions: Five states investors need to consider

  1. 1. Clean Energy Solutions Five states investors need to consider May 2018
  2. 2. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 2 Clean Energy Solutions Aside from the perk of a low electricity bill, going green is an increasingly lucrative bet for commercial real estate investors who use state and Federal incentives to get more bang for their buck. “Going green can mean many things: creating your own energy, storing it, and using it more efficiently. New programs are constantly being added, and existing programs are being updated,” said Kyle Goehring, Senior Vice President, Clean Energy Solutions at JLL. “Staying ahead of the curve is something all investors should be working hard at.” Find out which states are offering the best incentives for owners and investors looking to go green…
  3. 3. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 3 California The Golden State has been at the forefront of the green movement for years, banking on the advantage of plentiful sunshine and the need for more power as its population continues to grow. The infrastructure and the government regulation are already there, so green investment in California is an easy win. One of the state’s offerings is the Performance Based Incentive, which is paid at a fixed dollar per kilowatt-hour of generation.
  4. 4. The island paradise comes with ample sunshine – and opportunities for investors and owners to soak up some savings. With the highest electricity rates in the country, many have already taken advantage of government programs in place that encourage the commercial use of renewable energy. Developers and owners who install new solar electricity systems, for example, qualify for tax credits on 35 percent of the cost, up to $500,000. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 4 Hawaii
  5. 5. The Land of Lincoln has provisions in place that make solar power king. In Illinois, it’s all about Solar Renewable Energy Certificates (SRECs). Owners and operators who are interested in harnessing solar power can turn the energy they produce into SRECs, which are created every time a megawatt hour (MWh) of solar energy is produced. The state requires utility companies to buy SRECs as part of their renewable portfolio standard, so there is readymade demand for this alternative energy source. The state also initiated what it calls the Adjustable Block Program, slating prices for SRECs that are fixed for 15 years. A word to the wise: Investors must have a letter of intent saying they own land before they can determine how much their SRECs will be worth. And time is of the essence. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 5 Illinois
  6. 6. The Solar Massachusetts Renewable Target (SMART) program may make you reconsider the use of a basement or other space in your building that isn’t contributing to your bottom line. The program allows owners to add to their net operating income by leasing otherwise unused areas of buildings to the state’s utilities to store or produce renewable energy. The program can also help pay for building upgrades such as solar-paneled roofs or carports, all of which increase asset value and make buildings more marketable. “By taking advantage of the SMART program, you’re essentially getting free or government-subsidized upgrades,” Goehring says. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 6 Massachusetts
  7. 7. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 7 Much like Illinois, New Jersey operates on a system that uses SRECs. However, New Jersey’s program is more established, having been in place since 2001, and prices are already set. Learn how much SRECs cost in the Garden State. New Jersey
  8. 8. © 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 8 Contact us Blake Lacher Managing Director Capital Markets +1 312 228-3811 blake.lacher@am.jll.com Kyle Goehring Executive Vice President Clean Energy Solutions +1 661 428 8461 kyle.goehring@am.jll.com

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