Rent Rooftop Space for Solar Power
A California startup is signing up its first customers for a new service that it claims will make solar more attractive to owners of big property portfolios by counteracting certain elements of triple net leases. Recurrent Energy Inc. will build, own and operate solar power systems for institutional investors.
The company will rent rooftop space from building owners (generally at 20 to 40 cents per sq. ft. of roof used), creating a revenue stream for the investors. Meanwhile, Recurrent will sell what it says is market-competitive power for those buildings, generating cost savings for tenants’ electric bills.