Client Spotlight: Bloomberg L.P.

Bloomberg L.P. in Manhattan Goes Solar through Remote Net Metering

Bloomberg Goes Solar

Bloomberg L.P. partnered with PowerFlex to develop the Bloomberg L.P. – JFK Airport Park Solar Project, which is a 1514 kilowatt (kW) roof-mounted commercial solar photovoltaic system in Queens, NY. The system utilizes Remote Net Metering (RNM) to allow two Bloomberg facilities in Manhattan, its Global Headquarters and a downtown data center, to receive credit for the solar energy. This multi-building system is the largest rooftop solar array in Queens, one of the largest installations in New York State, and is the first project to use Remote Net Metering to power a New York City skyscraper.

Solar Photovoltaic System Specifications and Environmental Benefits

The Bloomberg L.P. – JFK Airport Park Solar Project has a total capacity of 1514.7 kW DC, comprising 5,509 individual 255 watt modules, one 500 kW central inverter, twenty one 28 kW string inverters, a ballasted non-penetrating mounting solution, and a data monitoring system with an integrated commercial weather station. The system is expected to produce 1,800,000 kilowatt-hours of electricity annually, which reduces Bloomberg’s carbon footprint by over 1,100,000 pounds of CO2 annually. The system’s environmental benefits are equivalent to powering 244 homes for one year. These annual benefits align with Bloomberg’s commitment to a cleaner New York City.

Significant Financial Returns

The project takes advantage of Governor Andrew M. Cuomo’s NY-SUN initiative, and was made possible by private green energy investors. The Bloomberg L.P. – JFK Airport Park project is particularly innovative due to its utilization of Remote Net Metering (RNM), also referred to as Shared Solar, which allows sites with poor solar characteristics, but significant onsite power consumption, to benefit from solar systems installed on an alternative site with excellent solar characteristics. PowerFlex’s expertise in optimizing system design, combined with the available Federal and New York State Solar Incentives, along with the MACRS depreciation treatment, yielded the stakeholders a rapid payback period and an attractive longterm internal rate of return.For more than 10 years, PowerFlex has provided turnkey solar and energy storage solutions to clients such as Amazon, Target, and Bloomberg that help lower energy costs, increase property value and meet sustainability goals. We manage all aspects of the solar project, from development to execution and asset management, and work with real estate owners and tenants to make the process as simple and seamless as possible. Contact us today for a free solar assessment, and see how solar energy can work for your company.