Energy planners have asked for 7,000 shipping container batteries in downstate New York to reduce grid congestion and facilitate clean energy. This is an opportunity for New York’s property owners to earn rental income.
Is your property eligible?
- New York City, Westchester, and Long Island
- We need 1,000 to 8,000 square feet, depending on the grid capacity available.
- We offer a triple-net lease, or can purchase the property over time.
- Vacant land, easily demolished land, or rooftops of concrete or masonry buildings.
Our small utility projects make an ideal tenant, and help keep energy costs down for the community. Your own electricity bill stays the same.
We install wall panels, masonry, vegetation, or fencing to match the existing look of your property.
Our batteries are connected directly to the grid following approval of ConEdison, FDNY, and a long list of other regulators and inspectors. We do the compliance and paperwork, you cash the cheques.
Shoot us your address, and we'll let you know if your property qualifies.
What is the cost to install batteries and earn rental income?
There is no cost to the property owner. The lease pays you to rent a portion of your land or rooftop.
Will I save on my hydro bill?
No. We have a separate physical connection to the electrical utility, and your property’s utility account remains unchanged. You continue to pay for electricity as before, and instead receive regular lease payments from Renewable Power Partners.
Why are batteries being installed in downstate New York?
Installing batteries nearby where the electricity is used avoids large transmission upgrade costs, and allows the power grid to use cleaner energy. New York’s planning goal is to connect 7,000 battery containers.
How long is the lease?
The lease is guaranteed for 20 years.
Can the lease payment amounts change during the 20 years?
Your lease rate is guaranteed for 20 years.
How much does the lease income add to my property value?
Commercial property is valued using cap rates, where the property price is essentially a multiple of the Net Operating Income. Assuming a 5% cap rate for your neighbourhood, each dollar of lease payments added to your commercial property’s annual net income will increase your property sale value or appraisal by about 20 dollars.
Does hosting batteries make a difference in air quality?
Yes. New York State’s Climate Act, calls for 70% renewable electricity by 2030, and 100% zero-emissions electricity by 2040. This requires 6 GW of batteries, about 7,000 shipping containers, to be installed in downstate New York where they can be connected close to electrical loads. This allows New York to retire aging coal plants, and reduce reliance on natural gas generators.
Will this affect my property taxes?
No. If your property taxes ever change due to the equipment, we are obligated in the lease to pay any additional property taxes, and we arrange for a separate tax bill for the additional charges to be sent directly to us.
New York City does not charge property taxes for battery systems. In other New York State municipalities, or if NYC polities were to change, the lease requires us to pay any additional property tax. We are responsible for all permitting and approval costs, including Payment in Lieu of Taxes (PILOT) if your municipality requires this, which is paid before installation begins.