Key Properties Partners with Solect Energy to Install Solar at Extra Space Storage in Cedar Knolls, NJ

Mar 17, 2025

Teaneck, NJ – Key Properties, LLC, a full-service commercial real estate development and management company, has completed its first solar project in partnership with Solect Energy. The rooftop solar installation at Key Properties' Extra Space Storage building in Cedar Knolls, NJ, marks a significant step toward a cleaner, more sustainable future while providing substantial financial benefits.

The 110 kW solar system is designed to offset 100% of the building's electricity usage, delivering immediate cost savings and long-term environmental benefits. The project is expected to generate 140,585 kWh in its first year and a lifetime production of over 3.29 million kWh, reducing carbon emissions by 2,013 metric tons–the equivalent of taking 469 gasoline-powered cars off the road annually.

"Solar was a natural choice for us to reduce operating costs," said Adam Schlussel, Vice President at Key Properties. "Through our partnership with Solect Energy, we've lowered our electricity costs from 17 cents to less than one cent per kWh and are benefitting from a recurring revenue stream through incentives. For us, it’s like having another long-term tenant in the building."

“Key Properties chose Solect based on their reputation and the economic value they bring as a partner for the life of the project," added Schlussel.

Smart Investment, Sustainable Future

"Key Properties approached this project with a focus on sustainability and maximizing financial value, and we’re thrilled to have partnered with them to achieve both," said Tony Johnson, Vice President of Commercial Development at Solect Energy. "This project not only offsets 100% of the building’s electricity usage but also highlights the long-term economic benefits and environmental impact solar can provide for commercial real estate owners."

Key Properties' Cedar Knolls location uses natural gas for heating and electricity for air conditioning and lighting. The solar system now fully offsets the building’s electrical consumption. For their next solar project, Key Properties and Solect Energy are working together to design a system that will cover 100% of an all-electric building’s future energy needs.