We are committed to installing renewable sources of energy whenever possible. To date, we have installed 975 kW of solar panels at 12 properties across the portfolio and have an additional 1MW of rooftop solar PV in the development process for delivery in 2020. We recognize the important role of government in activating renewable energy markets, including the Federal Investment Tax Credit and state-level renewable portfolio standards and clean energy legislation. We participate in advocacy efforts to support and enhance renewable-energy-enabling legislation in our target markets.
We have established a framework for procuring green power across our portfolio with the goal of getting to 100% green power by 2021. Beginning with the properties managed by Rose Community Management, properties will purchase green-e certified renewable energy credits (RECs) up to a 5% cost premium on the total electricity spend to offset its owner-controlled electricity. We will continue to phase in this approach with third-party property managers to achieve 100% green power through REC purchase and are assessing our ability to transition to direct procurement of green power or virtual power purchase agreements.
Goal: Jonathan Rose Companies will procure 100% Green Power by 2021.