When properly installed and managed, it is incredibly easy to save money with solar panels for apartment buildings. As a landlord, you are likely constantly looking for ways to maximize profitability on your single or multi-family unit. with the cost of solar panels steadily reducing and the cost of electricity constantly increasing, there has never been a better time to install solar panels for your property. In fact, major cities like New York already have over 12,000 green rental apartments across the city. If you are interested in getting solar panels, read on to learn about the cost savings guide for installing solar panels for apartment buildings.
Determine The Most Cost-Effective Solar Project Model
To begin obtaining financial savings through installation of solar panels for apartment buildings, you will first need to determine the most efficient project model for your facility. Adding solar systems to multi family units can be much more complicated than simple residential installations. The project model you select will have a major impact on the overall cost savings of your sustainable energy project. Many apartment owners utilize solar to offset electricity expenses in common areas. For example, utilize solar panels to reduce energy usage in common spaces for HVAC units, lighting, and elevators. In addition, you could begin installing solar panels on individual apartment units. Then, each individual unit owner will be able to own the system and enjoy the benefits it provides. If you are not satisfied with any of these project models, you can additionally look to participate in a community solar or net metering project.
Consider Exclusivity To Tenants
Before installing solar panels for apartment buildings, you need to consider the exclusivity you will offer to tenants. The accessibility you provide your renters to solar energy will greatly impact your overall cost savings. First, you need to assess who actually pays the electricity bill. If tenants pay their own electricity bill, solar panel installation will help them reduce costs on their monthly bill. On the other hand, if tenant electric bills are included within the rent you charge, installing solar panels can help you reduce your monthly operating expenses. There are several additional factors to consider when determining exclusivity to your renters. For example, while it is easy to install a solar system exclusively to your individual unit, providing your tenants with a sustainable source of energy further maximizes sustainability benefits and reduces your carbon footprint.
Access Solar Financing Resources
Before you install solar panels for apartment buildings, you need to determine the financing resources that you will be able to obtain. By using all the available solar financing resources and agreements, you can greatly increase your overall cost saving. The financing resources available to you are largely dependent on the location of your solar project. However, there are a few financing incentives that are guaranteed by the US federal government. One of the largest is the federal Investment Tax Credit, or ITC. As of 2020, the ITC Offers a tax credit of 26% on your solar installation. prior to scheduling solar installation for apartment buildings, you need to consider the available financing agreements.
Obtain Renewable Energy Rewards
As you consider the process to install solar panels for your apartment complex, you need to consider the available renewable energy rewards. Solar sustainability rewards largely impact the overall cost savings of your Renewable energy project. Similar to financing agreements, rewards offered on solar installations vary widely based on location. However, to provide generous rewards for solar installations, most states offer a series of rebates and incentives. In New Jersey for example, you can participate in the Transition Renewable Energy Certificates, or NJ TREC incentive, Which offers credits for renewable energy production. Then, these certificates can be redeemed on the market for cash value. At the same time, many states have begun launching net metering programs, which financially reward solar owners for excess energy production.
Market Sustainable Apartment Rentals
One you have installed solar panels for apartment buildings, you can begin marketing sustainable rentals. Going green can attract dozens of new residents to your properties. Marketing sustainability at your properties, you can charge higher rents, increase profitability, and boost cost savings. Whether you are planning on using solar for electricity, lighting, or water, you can likely market these modern features to prospective renters. Inform your tenants of how renewable energy components work, how they improve your facilities, and how these additions reduce your carbon footprint.
When properly installed, there are several cost savings benefits of solar panels for apartment buildings. If you are planning a solar installation for your facility, first you need to determine the most appropriate project model. Then, consider the exclusivity that you will offer to individual tenants. Determine if your property is eligible for any solar financing resources to offset costs even further. At the same time, you can begin applying for sustainability rewards and solar rebates in NJ. Once installed, you can begin marketing sustainable apartment rentals to a new audience of prospective renters. Consider the points above to learn about the cost savings guide for installing solar panels for apartment buildings.