Installing solar makes economic sense today and is reducing operating costs for multi-tenant building owners. With current rebates and tax incentives, landlords and home-owner associations (HOAs) have access to several innovative ways to install solar on their buildings—while enjoying shorter paybacks and increased property values (with no increased property taxes)! Some property owners are leveraging the lower electricity bills from installing solar as a tenant retention strategy. Combined, these incentives offer an unprecedented win-win opportunity for landlords and tenants to green their buildings!
WHICH SOLAR IS RIGHT FOR ME?
The easiest way for multi-tenant building owners and HOAs to install solar is to design a solar electric system that offsets common electric loads (such as hallway lighting and elevators) using solar electric panels. With lifespans of 25+ years, solar energy systems are wise investments that pay back.
Currently, solar electricity is limited to serving common area loads in multi-tenant buildings because of existing metering rules set by the state. This arrangement is straightforward and simple—benefits flow to the party that pays for the system cost, either the landlord or the members of an HOA, which own the system and also the common meter it serves. In most cases, landlords and HOAs would qualify for various commercial incentives, not residential incentives.
FINANCING IS AVAILABLE
WHAT MAKES SOLAR SO AFFORDABLE?
- The cost of solar panels has fallen dramatically over the past few years
- Local, state, and federal incentives are currently available
- New financing models are helping removing the upfront cost barrier
- Soft costs are falling from streamlined permitting and other processes