Over the past five years, Extra Space Storage has completed solar installations at over 400 self storage properties nationwide with hundreds of additional installation projects still in the works. The completed installations have saved enough energy to power more than 10,000 homes for a full year.
In fact, Extra Space Storage was named among the Top 25 Corporate Users by Number of Solar Installations in the Solar Energy Industries Association‘s Solar Means Business report released in July 2019, outranking companies like IKEA, Amazon, and General Motors.
“A lot of the sustainability efforts we have done to date have been easy decisions for us because they are at the intersection of what’s good for the environment, what’s good for the community, and what’s good for our shareholders,” said Joe Margolis, CEO of Extra Space Storage. “Solar has been a great thing to reduce our electricity use while producing a great return for our shareholders.”
Extra Space Storage’s approach with solar investment was to first add them in markets with the greatest tax incentives for installations—New Jersey being one of the initial markets. Then, the next step was to expand into areas where the electricity costs are high, such as Hawaii. Extra Space Storage’s long-term plan is to continue adding solar panels at self storage facilities in the company’s portfolio at a stable, methodical rate for the foreseeable future.
The investment in solar is one of many reasons why Extra Space Storage is the highest-rated self storage company in the U.S. for sustainability, according to the Global Real Estate Sustainability Benchmark, an organization that assesses the sustainability efforts of real estate and infrastructure investments throughout the world.
Extra Space Storage has also worked to reduce environmental impact though energy-saving and carbon impact-reducing initiatives, such as retrofitting storage properties with high-efficiency lighting systems, installing motion-activated light systems, replacing older appliances with modern energy-saving options, committing to using recycled materials, and better waste reduction. In addition, the company recently partnered with the Arbor Day Foundation and Tree Utah in a volunteer effort to plant trees in Salt Lake City, where Extra Space Storage is headquartered.
Extra Space Storage is committed to running a company that’s built to last with a focus on the future. The self storage company also aims to do good by taking care of customers, employees, properties, and the environment alike through its green efforts and ethical business practices.