Nessel Development of Mount Laurel on Monday said it launched Nessel Energy, a division dedicated to providing energy solutions to owners of office and industrial properties across New Jersey.
Nessel Energy was designed to create a new revenue stream by leasing unused rooftop space, while also lowering operating expenses by providing on-site solar energy production.
“Personally, the launch of Nessel Energy is one in which I take great pride and has been a long-standing goal for us,” said Ari Nessel, principal of Nessel Development. “Our company’s growing presence within New Jersey, a state with a well-known commitment to supporting green investments through energy incentives, makes for the perfect fit.”
Nessel Development’s venture into renewable energy is directly in line with the company’s values-based approach, committed to sustainability.
“When we look at a project, we do so through a lens that draws focus on both environmental sustainability and social responsibility – looking to make a difference both in New Jersey and all around the world,” added Nessel.
Due to the growth of a new Community Solar program in New Jersey, real estate owners are currently inundated with offers to lease rooftop space for solar that sends all electricity to the grid. This process shifts the energy benefits, away from business owners and tenants, to community “subscribers”. While still a positive impact, Community Solar’s value for real estate owners is limited. Plus, the Community Solar program is competitive and non-guaranteed due to capacity constraints.
Energy produced from Nessel Energy’s solar projects is consumed on-site, providing benefits to property owners and their tenants.
Nessel Energy is led by Thomas Loredo, a veteran of the commercial construction and renewable energy industries for more than 40 years. “We understand the market both as a real estate and energy company so we can provide solutions that create value for all parties as solar energy is about more than cost efficiencies,” said Loredo.
