Los Angeles, July 29, 2015 – Today, Solar Provider Group, together with Levy Affiliated and Edge 3 Holdings, celebrates the opening ceremony of a 300 kilowatt (kW) rooftop solar project at Angelus Grand Plaza, 3650 East Olympic Boulevard, Los Angeles. The project is the first to be part of the Los Angeles Department of Water and Power’s Feed-in-Tariff (FiT) program in LA’s District 14.
The Feed-in Tariff (FiT) program, also known as the CLEAN LA Solar program, is a ground breaking energy program that allows commercial property owners to generate solar power and sell it to the Department of Water and Power at a competitive fixed rate. The result is zero-emission, renewable energy that supports jobs and fuels private investment in the city. The largest program of its kind in the nation, the CLEAN LA Solar program is supported by the Los Angeles Business Council alongside dozens of local businesses and organizations in the CLEAN LA Coalition.
The CLEAN LA Solar program is allowing companies like Solar Provider Group to partner with property owners looking to generate revenue and reduce their environmental footprint. “Projects like this solar installation are a fantastic example of how commercial and industrial property owners are partnering with Solar Provider Group to leverage their rooftops, generating additional revenue for their businesses and supporting the development of clean energy projects across LA.” said Christian Wentzel, Chairman of Solar Provider Group. The process works like this: property owners hire companies such as Solar Provider Group to develop, engineer, and construct the rooftop solar system, and when it’s complete the property owner receives a price per kilowatt-hour (kWh) from the Department of Water and Power for the energy the system produces. Other property owners have chosen to lease their roofs to solar developers, while receiving a portion or the energy income as rent.
The solar project was made possible by the project owner, real estate investment firm Levy Affiliated, and supported through the cooperation of high quality credit tenants at the project host facility, including Food 4 Less and CVS.
The solar plant is fitted with Hanwha solar panels, Sungrow inverters and KB Racking’s EkonoRack mounting system. The 300 kW system will generate over 540,000 kilowatt hours (kWhs) of clean electricity annually, reducing the emissions footprint of Los Angeles’ electricity system every year by approximately 353 tons of carbon dioxide – equivalent to powering an estimated 83 homes per year. Apart from its environmental benefits, the project has generated a number of construction, engineering and project management jobs, boosting local economic growth.
About Levy Affiliated Holdings LLC
Levy Affiliated is a real estate investment firm founded in 1988 by Shaoul J. Levy. Levy Affiliated acquires and manages assets throughout the United States with an area of focus of value-add commercial properties in the southwestern U.S. The company’s current portfolio totals 41 properties which has an estimated market value of over $500 million.