Princeton Properties Management, Inc. completes Lowell-based solar project.

March 11, 2011 - PRLog -- Lowell, MA – March 10, 2011 -- Princeton Properties is pleased to announce the completion of their fourth Massachusetts based solar project. The Lowell based project consists of the installation of 930 roof-mounted 230-watt photovoltaic panels on 6 roofs.

"We've always been concerned with efficiency and responsible development. We’re excited to continue moving in the right direction, said Kurt Shillington, Operations Manager at Princeton Properties.  “These four solar projects and our efforts in developing and operating our properties as efficiently as possible give us a real competitive edge.  Working with groSolar has been a great experience, they really know their craft.”

The newly installed solar electric system will result in an estimated annual savings of $36,000 in the site's electric bill.  When Princeton Properties CEO Andrew Chaban reviewed the numbers, he was certain that the installation was a sound real-estate investment.  The 930 roof-mounted panels will generate an estimated 220,000 kilowatt-hours (kWh) direct current powering 100 percent of the common areas in the Princeton Park apartment community located on Princeton Blvd. in Lowell, MA. Common areas in the complex range from the parking lot lights to the laundry facilities.

This Princeton Properties self-funded project will benefit from incentives and credits provided by performance based funding from the Department of Energy Resources (DOER) Solar Renewal Energy Credits.  The DOER has carved-out a portion of the RPS Class I Renewable Energy requirement to support distributed solar photovoltaic (PV) energy facilities, as provided by the Green Communities Act of 2008.  The anticipated ROI for this Lowell-based solar project is under 3 years for Princeton Properties.  
 
"We are proud to be a company that is actively trying to improve the environment while maintaining our reputation as a quality property management organization,” said Sarah Greenough, Vice President at Princeton Properties. “Solar energy has become a real possibility; it is a viable renewable energy source.”

About: Princeton Properties, headquartered in Lowell MA has been acquiring, leasing and managing apartments and furnished suites in Massachusetts, New Hampshire, Maine and Georgia since 1973.   Princeton Properties has grown to include 6000 apartments in 38 communities. In addition to developing a reputation for its ability to rehabilitate and manage apartment communities, Princeton Properties is known for its corporate furnished housing program, which is used by major companies throughout the region for extended-stay housing. Learn more at http://www.princetonproperties.com or call 978-458-8700.
About: groSolar is North America's premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar is the largest 100 percent U.S.-owned distribution company in the solar industry. The company has offices and warehouses across the continent, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, CO, MT, and CA. groSolar integrates components from leading solar manufacturers including Evergreen Solar, PanelClaw, Motech, Heliodyne, SMA, Fronius and UniRac into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar's venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. Learn more at http://www.grosolar.com or call 800.374.4494.

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Princeton Properties Management Inc. of Lowell, MA acquires, builds, renovates, leases & manages apartment communities & corporate furnished apartments. Currently, Princeton Properties owns & manages more than 6000 apartment homes in MA, NH, ME & GA.