4 Hidden Ways Solar Can Boost Apartment Building Profits

apartment-architecture-balcony-building-129494While businesses and homes often invest in solar power, less frequent customers like owners of multi-family buildings are also well-suited for renewable energy. These include apartments, condos, duplexes, townhomes, and more. Such buildings share similar benefits to other commercial solar projects, but they have certain benefits of their own.

 

Benefits of Solar for Multi-Family Dwellings

1. Shared Power and Savings

Unlike typical commercial and residential solar projects, smaller multi-family dwellings (4-8 tenants)  have the added bonus of benefitting both the tenants that live in the building and the property owners. This can be accomplished through one shared solar system as opposed to separate systems for each tenant. These are designed to offset common area and tenant electricity costs, benefiting management, and residents alike.

2. Offset Common Area Electricity

For larger complexes that home hundreds of tenants, it is most beneficial for owners to implement a solar system to offset common area electricity only as opposed to adding solar for each unit.

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We have provided solar solutions for many multifamily dwellings, including the Willy’s Overland Lofts project in Detroit, Michigan completed in 2018. As a member of the Detroit 2030 District, this sustainability-driven complex has pledged to reduce

 its common area electricity consumption and emissions (energy, water, and transportation) by 50% by 2030. Learn more about this project.

3. Increased Property Value

Adding solar will increase the value of the property and attract a new segment of green-friendly residents.

4. Rental Fees

According to a survey from Yale University, 47% of Americans said they would pay more to get their electricity from renewable energy. That being said, management could charge more for living expenses to offset the initial solar investment costs. Another option is to decrease overall rental rates to attract lower-income individuals.

Note: Take into consideration if utilities are included in rent or if residents pay them separately. Depending on your goals of going solar, owners can decrease the overall rental costs with utilities included to attract more residents or increase the price to decrease their payback period.

There are various options for using solar power in multi-family dwellings. Solar can be used to offset common area electricity, a percentage of a building’s electricity, car charging stations, and more. Is your complex looking to decrease electricity usage of tenants and owners, acquire more eco-friendly residents, and have better control over rental fees? Schedule a Commercial Solar Consultation to learn what your options are!

 

Michigan Solar Solutions is a commercial and residential solar installer and electrical contractor that has served the lower peninsula of Michigan since 2007. We have installed thousands of panels and have a happy customer near you, check out what our customers think of us on Guild Quality.

If you or another business is interested in having an undeniable impact on your triple bottom line, give us a call for a free consultation to see if solar is right for you! Call (248) 923-3456 or request a Free Online Solar Analysis for your business.

Photo by George Becker from Pexels

Have a comment? Let us hear from you!

 

John Jevahirian, Commercial Solar Consultant

Written by John Jevahirian, Commercial Solar Consultant

John graduated from Xavier University in ’17 with a degree in Sustainability; Economics and Management and a Minor in Environmental Studies. John represents MSS as a professional stakeholder in the Detroit 2030 District and as a member of the Detroit Green Task Force.


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