Benefits of solar energy for multifamily housing
Reducing common area loads & tenant utility bills is just one of the many reasons to go solar.
PROPERTY OWNER BENEFITS
Energy Security
During power outages, solar + battery storage provides a reliable source of power ensuring access to essential common area loads such as emergency lighting, elevators or mechanical gates.
Reduce Vacancies & Turnover Rates
Tenants who value sustainable lifestyles are more than likely to maintain occupancy in a multifamily housing unit that produces solar energy.
Increase Property Value
Installing solar energy systems can increase the value of multifamily housing units, which can lead to higher-quality housing options for tenants.
Eco/Green Reputation
Property owners who demonstrate their commitment to sustainability and environmental accountability improve their brand image and attract environmentally conscious tenants.
TENANT BENEFITS
Reduced Electricity Bills
Virtual net-metering (VNEM); tenants within the building(s) are allocated a percentage of solar-generated electricity that is predetermined by the building owner or manager.
Improved Building Resiliency
Solar + battery storage provides electricity to tenants residing in areas that are prone to power outages & blackouts; reducing the risks of food spoilage and/or loss of temperature regulation.
Enhanced Comfort
Solar power improves the overall comfort of a multifamily housing unit by reducing the necessity for air conditioning and heating.
Reduce Health & Fire Risks
Unlike fossil fuels, solar panels do not require fuel or produce harmful emissions. This dramatically reduces the risks of fires caused by fuel leaks or combustible materials.
COMMUNITY BENEFITS
Reduced Air Pollution
Energy generated thru solar doesn’t produce harmful emissions thus helping to improve air quality in the surrounding community and reduce the risks of respiratory issues.
Increased Energy Resiliency
Multifamily housing units with solar energy systems could potentially provide electricity to the surrounding community in the event of a power outage or black out.
Maintain Housing Affordability
By using solar energy to power their buildings, multifamily housing units have reduced energy bills which typically result in predictable, sensible rental rates.
Improved Community Image
The use of solar energy highlights multifamily housing units as responsible members of their community. In addition, improves the overall image of building developers, property owners and landlords.
Contact us for a free consultation and discover the benefits of going solar today!
Solar Energy for Multifamily Housing
Our Process Made Simple
Collecting Necessary Information
We speak with the person(s) of contact to receive the annual electricity usage, billing history, etc to accurately assess your solar eligibility.
We Design Your System
Then if you qualify, our licensed solar engineers will design a customized solar panel system based on available roof space, electricity consumption and your chosen aesthetics.
Schedule 1-On-1 Consult
Lastly, we present to you a proposal for your project(s) which includes various no money down financing options and term lengths that works best for you. **Consultations can be done in person or virtually.
Common FAQ's About Solar Energy for Multifamily Housing
Yes, if purchased, there’s a 25-year manufactures’ warranty on the solar power system and a 10-year workmanship warranty that covers all workmanship defects related to installed work only. With a PPA, the installers maintain ownership of the panels during your agreement which also has a 20-year manufactures’ warranty throughout the lifetime of the PPA agreement.
More efficient buildings help renters avoid extra heating and cooling costs, and if paired with solar, those savings increase even more when electricity is factored into rent. Occupants also benefit from a more comfortable and healthy living space.
Business owners receive a federal tax credit equal to 30% of the upfront cost of solar for businesses; including battery backup. It’s a credit, not a deduction, meaning if your project costs $100,000, the ITC reduces the amount you owe the federal government in taxes by $30,000.
The cost of a multifamily solar project can vary depending on many factors like available roof space, your annual usage, the utility’s policies around solar, your energy goals, and more.
Similar to residential & commercial solar, there are several ways to finance a project such as cash payment milestones, solar loan from banks/lenders/credit unions/green banks, $0 money down PPA (Power Purchase Agreement) and various others.
No matter where your projects are, we can help you determine if solar is a good fit for your needs. Whether that’s offsetting utility costs in common areas, differentiating your project in a hot market, reducing your carbon footprint, or anything in between.
For multifamily and mixed-used buildings, we typically see a 30-90% electricity offset. We’ll conduct a comprehensive needs analysis on each location and assess roof structure stability, how many meters available, energy offset goals, your building’s usage & structural history and several other factors.
Most definitely!!! Here’s how;…1) your tenant pays ~$200/month (yearly avg) for electricity 2) you finance a solar panel system on your property with a 12 year loan giving you a solar payment of $95/month 3) you lower the tenants electricity expense to $100/month 4) now the tenant is technically covering your solar payments every month while you pocket an extra $5/month 5) when the 12 year loan is paid off, that $100/month your tenant is paying for electricity is now turned into residual income for you. It’s a win-win for you and your tenant!!
Some Partners & Products We Work With
Still unsure or not ready to move forward? That’s perfectly fine, schedule a 1-on-1 consultation so that one of our experienced solar energy for multifamily housing advisors can contact you and answer any additional questions, comments or concerns you may have.
Reach Out To Us
Take your first steps towards energy independence!!