June 3, 2014 - ReGreen has successfully completed a multi-family portfolio solar installation, which was comprised of 112 separate installations of solar thermal (hot water) and solar photovoltaic (PV) systems for Goldrich & Kest Industries. The project, which served to retrofit 34 apartment complexes with solar energy solutions, involved the installation of 1,200 Heliodyne solar thermal panels as well as 1,664 solar photovoltaic panels.
"The partnership with Goldrich & Kest Industries is 'mutually beneficial' for both the Real Estate company and ReGreen," says Deborah Stewart, Vice President of Solar Sales at ReGreen. "We collaborated with Goldrich & Kest to find the best possible solution to meet their financial requirements while achieving substantial energy savings. Both companies are proud of what we were able to accomplish by partnering together."
Kevin Refoua, co-founder and Chief Executive Officer at ReGreen, also points out the significant financial savings and short-term return on investment that Goldrich & Kest will realize. Goldrich & Kest's total annual energy offset is 6,840,777 kilowatt-hour – a 70% reduction in the firm's energy usage.
Refoua says, "We were able to create a massive reduction in Goldrich & Kest's energy costs. In fact, approximately 84% of their investment will be recovered by the end of year one, thanks to the 30% federal solar tax credit, depreciation and utility rebates. By leveraging solar technology as an investment, Goldrich & Kest increased their net profits and realize substantial savings for years to come."
In order to meet certain governmental deadlines, the project needed to be completed within a strict time frame. The ReGreen team was given only six months to design and complete the installations while projects of similar scale typically take one year to complete. As such, ReGreen took a highly organized and streamlined approach to managing the project, coordinating with the client, governmental agencies, and utility companies along the way. Despite the short timeframe, ReGreen completed the project on budget and on time.