NEW YORK, April 13, 2011 /PRNewswire/ -- Solar Bawabeh, president and co-founder of Solar Rainbow Services, a leader in the design and installation of large-scale solar electric systems, announced a solar rooftop agreement with Paramount Assets, a full service real estate company that owns, leases and manages properties in New York, New Jersey and Pennsylvania, for the installation of an 800 kilowatt photovoltaic (PV) solar power rooftop on their 251,000 square foot warehouse located at 450 Oak Tree Avenue, South Plainfield, NJ.
Mr. Bawabeh stated, "Paramount Assets owners understand the benefits that solar energy brings to their business financially. This agreement will add a new revenue stream, provide them with a fixed and reduced cost of electricity and by 'going green' gives them a marketing edge that increases their property value."
"Paramount Assets is proud to use sustainable energy that protects the environment. Solar Rainbow has formed a highly experienced team of solar PV designers, electrical contractors and financial partners to implement the solar installations," stated Ron Levy, senior vice president, Property Management of Paramount Assets.
By leasing space on Paramount Assets' underused rooftops, Solar Rainbow will install and operate solar energy systems that will allow the conversion of underused roof space into a source of new revenue. Once the solar system is operational, the tenants, an apparel company and a packaging company, will be able to purchase the energy at below average retail energy rates realized through the Power Purchase Agreement (PPA).
Solar Rainbow has 6 megawatts worth of projects currently under construction and an additional pipeline of about 25 megawatt commercial rooftop installations in New Jersey. Recent Solar Rainbow installations include: a 1 megawatt project on a 120,000 square foot roof for Omni Holdings as well as a 1.3 megawatt project on a 400,000 square foot roof for JORDACHE Enterprises, both in South Plainfield, New Jersey.
Solar installations have skyrocketed in New Jersey as the state has the most aggressive solar renewable energy certificate (SREC's) based incentive programs in the Northeast. There are over 8,500 solar installations in the state. Additionally, the New Jersey Master Plan has set the goal of generating 20% electricity renewable sources by 2020.
Mr. Bawabeh has developed strong relationships with renowned photovoltaic designers and engineers, warranty certified roofers, financial institutions as well as energy utilities in order to assist clients with confidence and provide the proper opportunities to go green in a financially advantageous manner. Solar Rainbow manages every aspect of project execution-from site acquisition to engineering and long-term maintenance, so customers get all the benefits of solar power as quickly as possible.
Solar Rainbow is actively seeking rooftops to rent where they will install, own and operate solar systems under the Power Purchase Agreement (PPA) structure providing additional revenue to the property owner which is up to fifty cents a square foot per year. The flat and unobstructed rooftops should be at least 50,000 square feet. Solar Rainbow re-roofs these properties to ensure that the roofs outlast the 15-year life of the lease. For additional information on Solar Rainbow please visit www.solarrainbow.com.
About Solar Rainbow
Solar Rainbow, founded eight months ago in, is a solar energy provider that designs, installs, and owns solar photovoltaic systems through the Power Purchasing Agreement (PPA) structure for commercial customers of all sizes. Solar Rainbow also provides turn key installation for customers who opt to own the system and benefit from all solar incentives.
About Paramount Assets
Paramount Assets is a full service real estate company that owns, leases and manages its properties. Paramount owns commercial, residential, and office space in New York, New Jersey and Pennsylvania. With over 2 million square feet of leasable area, Paramount Assets is the premier real estate company for your rental needs.
RUBENSTEIN PUBLIC RELATIONS
Contact: Eve McGrath, Telephone: 212-843-8490
SOURCE Solar Rainbow