Princeton Properties completes 2 solar projects.

Massachusetts Real Estate Development Continues Efforts to Go Green; Two new solar projects completed this month.

Lowell, Mass. – Last September, Princeton Properties Management, Inc. went green when it installed a solar energy system on its apartment community in Salem, Massachusetts, one of the largest single-site solar projects in the state’s history.

This past month, Princeton Properties and ING Clarion Partners took the next step with two additional solar projects. The first is a 200 kilowatt solar installation at “Boston Road” a multifamily housing community located in Billerica, MA. The second is an 82 kilowatt solar installation at Princeton Commons, a multifamily housing community located in Chelmsford, MA.

“These projects are a great example of how solar is scalable, able to power the smallest home to a multi-dwelling complex,” said Jeff Wolfe, CEO of groSolar.

Princeton Properties had often considered the use of solar energy systems, but committed to their first project with groSolar, when the national installer and distributor demonstrated that it was possible to develop environmentally sustainable housing AND support the bottom line.

“We’re excited to continue moving in the right direction,” said Kurt Shillington, operations manager at Princeton Properties. “We’ve always been concerned with efficiency and have made huge improvements to our assets’ bottom line by focusing on efficiency, sustainability, and responsible development. These projects and our efforts in developing and operating our properties as efficiently as possible give us a real competitive edge.  Working with groSolar has been a great experience – they really know their craft.”

After crunching the numbers, groSolar estimated that use of solar energy at the two newest installation properties would save a total of $53,000 annually in electricity costs. It was an offer the ownership could not refuse.

“We are extremely excited about this project.  Solar energy has become a viable and attractive renewable energy resource.  Today’s solar technology has proven to be not only efficient and reliable, but cost effective thanks in part to sustainability programs sponsored by the state and federal government.  This installation will not only enable us to significantly reduce electricity expenses at the properties, but, more importantly, to minimize our carbon footprint,” said Chris Stewart, vice president at ING Clarion Partners.

The project will benefit from incentives and credits provided by both state-funded Commonwealth Solar and the federal government. Commonwealth Solar was created in early 2008, by the Massachusetts Department of Energy & Resources and the Massachusetts Renewable Energy Trust to accelerate the use of solar electric projects in Massachusetts.

“We are proud to be a company that is actively trying to improve the environment while maintaining our reputation as a quality property management organization,” said Sarah Greenough, vice president of corporate sales and media at Princeton Properties. “Solar energy has become a real possibility; it is a viable renewable energy source.”

About Princeton Properties
Princeton Properties Management, Inc. acquires, renovates, leases and manages apartment communities with a strong focus on furnished corporate apartments and investment for long-term ownership. The company increases the value of its property through sturdy, hands-on management, creative marketing, tight control of expenses and sound financial planning.

Princeton Properties manages its investments by carefully maintaining its apartment communities and trying to find residents who will do the same. The company’s employees all understand residents’ problems must be attended to quickly and with a smile. Learn more at http://www.princetonproperties.com or call 978-458-8700.

About groSolar
groSolar is North America’s premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar is the largest 100 percent U.S.-owned distribution company in the solar industry. The company has offices and warehouses across the continent, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, CO, MT, and CA. groSolar integrates components from leading solar manufacturers including Evergreen Solar, PanelClaw, Motech, Heliodyne, SMA, Fronius and UniRac into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar’s venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund.  Learn more at groSolar.com  or call 800.374.4494.

About ING Clarion Partners
Founded in 1982, ING Clarion Partners and its affiliates manage $42 billion in assets in both private and public real estate.  ING Clarion is the Americas arm of ING Real Estate Investment Management, one of the world’s leading real estate investment managers with global assets under management of more than $87 billion and operations in 21 countries.  ING Real Estate Investment Management is part of ING Group, a global financial institution offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in more than 40 countries.  More information about the firm is available at http://www.ingclarion.com.