Hello World! Welcome Friends! Are you a landlord who owns a multifamily building and is considering solar energy for your building? With the growing popularity of renewable energy, especially solar power, it’s not surprising that you are considering this. But aside from its increasing popularity, are there any reasons to proceed?
You see, getting solar for multifamily housing is quite different from getting it for a family home. For starters you’ll need to use commercial solar panels, which may require a significant investment. In such cases, it’s natural to wonder what you’ll get in return for your investment.
The truth is, that there are many advantages to benefit from installing solar panels in multifamily housing. In the following section, we will discuss the advantages of getting solar energy for your multifamily housing. We believe knowing these advantages will help you make your decision.
Higher Property Value
When you have this renewable energy in your building, the value of the property will potentially increase. Not only will the market value of the property increase, but the rental value will increase too.
Your building will attract people looking to save on electricity costs and those conscious of their impact on the environment. Since your tenants will spend significantly less on their electricity bills, it’s a solid reason to raise the rent and increase your income.
Reduce Operational Costs
Maintaining an apartment complex working optimally typically costs some money. One of the operational expenses landlords encounters is utility costs, which can include electricity, water, and heating expenses necessary to ensure the comfort and convenience of the tenants.
While the tenants are responsible for their home electricity usage, landlords typically provide electricity for common spaces such as laundry rooms and hallways. Your solar system can generate power in these common areas, reducing your operational costs and saving you money.
You Can Get Commercial Solar Tax Credits and Incentives
The government understands the need to transition to renewable energy, but they also recognize that this transition is not expensive. That’s why they often offer certain tax credits and incentives for landlords interested in installing commercial solar panels in their properties.
If you decide to proceed with this, you can potentially take advantage of these incentives. An example of a tax credit you can enjoy by carrying out this project is the Federal Solar Tax Credit.
With this, you can reduce your installation tax costs by about 30%. You can visit here to learn more about this tax credit. You can also earn credit by selling surplus energy generated by your system to the grid; this is possible because of the Net metering program.
There are several other incentives you can receive when undertaking this project. The installation company you choose can provide you with further information about these incentives. These incentives can include state specific programs, rebates, and financing options that can further enhance the financial benefits of your solar installation project.
Avoid Blackouts
Nobody likes a blackout, but sadly, they do happen at times. Your solar system can provide protection for your tenants against blackouts. If your system includes batteries, it will continue to generate power even during a blackout, ensuring electricity during the night. This advantage can help you attract tenants who are willing to sign longer leases.
Reduce Carbon Footprint
One of the reasons renewable energies are gaining popularity and increasing environmental consciousness. People have realized that certain choices can reduce their environmental, and they are becoming eco-friendly and looking for means to reduce their carbon footprint.
If you would like to reduce your carbon footprint, then solar is an excellent choice. You can visit https://www.austintexas.gov/ to learn other means of reducing your carbon footprint.
Although we are still a long way from eliminating the use of fossil fuels, with individuals switching to renewable energies can make a positive environmental impact. Also, being environmentally conscious is popular among many tenants these days, so switching to this eco-friendly energy option will help you attract tenants to your building.
Conclusion
If you have decided to proceed with this project, then allow us to first congratulate you on making a smart choice. However, this project requires careful planning if you want things to go smoothly.
The first step in ensuring this is getting a reputable and professional installation company. Take your time to vet potential companies to ensure they are capable. Before finalizing your decision, request references from the installation company to hear about the experiences of their past clients and ensure they have a successful record in a similar project.
The company you hire should be able to properly guide you through the entire process. But some of the things you need to consider when putting up this system include its size, your roof condition, and your budget. When you hire the right company and consider all the necessary factors needed to set up this system properly, the entire process should go smoothly.
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Toodles,
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