Green Energy Generates Green Cash as Company, Investors, Customers Win
The challenging economic conditions which have faced businesses in recent years have spurred industries to seek initiatives which help control costs. Managing energy costs are important in virtually every industry, and self storage is no exception.
Several companies in the self storage industry have undertaken sustainability studies and implemented Green programs which are now benefiting their bottom line by reducing energy expenditures. It also enables these businesses to provide concrete answers to investors who question how a company is focusing on environmentally friendly programs.
Extra Space, the second largest self storage operator in the United States with over 900 locations, began adding solar power to five test storage facilities in 2010. This process required site evaluation to ensure the addition of solar would be practical as well as provide return on investment which would make it a prudent business decision.
Initial Test Results Justify Continued Investment
After the five initial installations proved viable, 51 more self storage properties were identified as candidates for solar power in 2011 and work began on them. By the end of 2011, New Jersey, Massachusetts, Maryland, California and Hawaii all had sites running on self generated solar power.
So far in 2012, Extra Space has completed 16 solar installations that were started in 2011 and Ohio was added to the list of states. By the end of 2012, the total number of the company’s storage properties slated to add solar power is expected to exceed 100. According to the company, the sites that have been fully converted to solar have experienced electricity reduction of 80 to 90 percent.
Clearly, the decision to pursue sustainable energy is paying dividends for Extra Space Storage on the bottom line, in investor relations, and as an incentive for prospective customers who want to do business with an environmentally conscious firm. This program appears to be an initiative where everybody wins.
Learn more about solar energy and Extra Space Storage here.