Dykes Lumber Company Completes Third Major Solar Project
Dykes Lumber Company, a privately-held lumber and building materials company that has been serving the New York, New Jersey and Pennsylvania markets for over 100 years, has completed a roof-mounted commercial solar photovoltaic system on its newly-opened facility in Long Island City, New York.
“We have been quite pleased with the operational and financial performance of our initial two solar installations in New Jersey”, commented Charles Kreyer, President of Dykes, “and we are excited to now have completed our first solar project in New York. These systems make tremendous sense for Dykes from both a financial and environmental perspective.”
Solar Photovoltaic System Specifications
The Long Island City (LIC) solar system has a total capacity of 196.4kW (dc) comprising over 770 individual 60-cell solar modules. The project also includes two central inverters, a ballasted non-penetrating racking solution, and a string-level data monitoring system with an integrated commercial weather station.
The system is expected to produce more than 5.4 million kilowatt hours (kWh) of clean, carbon-free energy over the next 25 years, enough energy to power more than 30 average U.S. homes for a quarter of a century.
First "Remote Net-Metered" Solar Project in New York
The Dykes LIC project is one of the first recipients of NYSERDA’s “NY-Sun” funding and is the first solar project in NY state to utilize “Remote Net-Metering”, whereby surplus electricity generated by the system is credited to other Dykes’ locations in NYC. The project also utilized the NYC Solar Property Tax Abatement, which, when combined with the available Federal Solar Incentives and NYSERDA funding, provides for a rapid payback period and an attractive long-term internal rate of return.EnterSolar facilitated long-term SREC financing solutions for both of Dykes Lumber’s solar projects, providing an attractive and highly visible cash flow stream to support the project-level economic returns. The utilization of the Section 1603 Treasury Grant Program and the MACRS depreciation treatment further improved the solar project ROI, providing for a rapid payback period and an attractive long-term internal rate of return.