Solar Panels for Apartment Buildings: A Cost-Savings Guide for Landlords
Properly installed and managed solar panels can make it easy to save money at apartment buildings, and Infinity Energy offers New Jersey and New York residents essential information about solar panels for apartments. As a landlord, you probably constantly seek ways to maximize your property’s profitability, whether you have single or multi-family units. Solar panel costs are reducing steadily, and the average cost of electricity increases constantly. With these factors in mind, now is an excellent time to install solar panels at all types of properties, including apartment buildings. Major cities throughout New York and New Jersey already have more than 12,000 green rental apartments, such as those in New York City. Keep reading to learn more about installing solar panels and review the cost savings guide if you’re interested in getting solar panels.
Determine the Most Cost-Effective Solar Project Model
You must first determine the most efficient project model for your facility to start getting financial savings by installing solar power for apartment buildings. Adding solar power to apartments and multi-family units is more complicated than a simple residential installation. Selecting the right project model significantly impacts your sustainable energy project’s overall cost savings. Many property owners switch to solar apartments to offset their common areas’ electricity costs. For instance, you can reduce common space energy usage by utilizing solar panels while powering lighting, elevators, and HVAC units. Additionally, you could start solar panel installations on individual apartment units. If none of the project models are satisfactory, you can participate in a community net metering or solar project. Infinity Energy encourages you to seek cost-saving solar avenues to reduce your utility bills and contribute to New Jersey’s switch to clean, renewable energy.
Consider Exclusivity to Tenants
Before installing solar panels for your apartment buildings, you must consider offering exclusivity to tenants. Providing solar energy accessibility to your renters will significantly impact your overall cost savings. Your first step is assessing who pays the electricity bill at your property. Solar panel installation can help tenants reduce their monthly utility bills if they pay for their own electricity. Conversely, installing solar panels can reduce your monthly operating expenses if the rent you charge includes your tenants’ electric bills. You need to consider several additional factors to determine exclusivity to renters. For instance, installing a solar system exclusively on an individual unit may be easy. However, offering tenants a sustainable energy source can also maximize your sustainability benefits and reduce your carbon footprint.
Access Solar Financing Resources
Before installing solar power for apartments, you must determine what financing resources you can obtain. You can significantly increase your overall cost savings by utilizing all available solar financing agreements and resources. The available financing resources depend greatly on your solar project’s location. However, the US federal government does guarantee a few financing incentives to make switching to solar energy more affordable. The Federal Investment Tax Credit (ITC) is one of the largest incentives, offering a tax credit of 26% on your solar installation as of 2020. Please consider all available financing agreements before scheduling apartment solar panel installations.
Obtain Renewable Energy Rewards
While considering the solar panel installation process for your apartment complex, Infinity Energy advises you to consider all available renewable energy rewards. Solar sustainability rewards significantly impact your renewable energy project’s overall cost savings. These rewards are similar to financing agreements because their rewards on solar installations vary radically based on your location. However, most states offer multiple rebates and incentives to ensure generous rewards to those installing solar systems. For example, you can participate in New Jersey’s Transition Renewable Energy Certificates, also known as the NJ TREC incentive. This incentive offers credits for renewable energy production. You can redeem these certificates for cash value on the market. Simultaneously, many states have launched net metering programs to reward solar system owners financially for their excess energy production.
Market Sustainable Apartment Rentals
After installing solar panels for your apartment buildings, you can start marketing sustainable apartment rentals. You can attract dozens of new tenants to your properties by going green. Marketing sustainability at your properties can let you charge higher rent for your units, increase profitability, and boost your cost savings. Marketing these appealing modern features to prospective renters is a more lucrative way to fill your vacant units, whether you plan to use solar energy for lighting, water, or electricity. Be sure to educate your tenants on how these renewable energy components work, improve your facilities, and reduce your building’s carbon footprint.
Start Saving at Your New Jersey Rental Properties
Properly installed solar panels at apartment buildings offer several cost-savings benefits. You can start by determining the most appropriate project model before scheduling a solar installation at your property. After that, you must consider offering exclusivity to individual tenants. Your property may be eligible for solar financing resources, so determine which ones you qualify for to offset costs even more. At the same time, you can start applying for solar rebates and sustainability rewards in New Jersey. After installing your solar panels, you can market sustainable apartment rentals to new, prospective renters. Learn about our cost savings guide by considering all points above. Infinity Energy is always ready to help New York and New Jersey residents and businesses switch to clean, renewable solar energy, so contact us today if you need guidance on the subject.