While you’ve upgraded processes like property management automation, you still have many opportunities to improve operations. How can you boost the appeal of your property, reduce expenses, and satisfy residents, all at the same time? Property managers would do well to consider the potential that solar panels present. From showcasing your property’s sustainable efforts to reaping the perks of lower utility bills, solar panels present wonderful opportunities for growth. Use this guide to solar panels to learn if they are right for your apartments.
Two Benefits of Solar Panels for Apartments
The benefits of community solar programs are numerous! Let’s dive into a couple of advantages and how they will improve commercial residential properties.
Increases Property Desirability From Prospective Tenants
Eco-conscious tenants are looking for rentable properties that align with their values. Your property will become a top-notch location that’s in high demand for its small ecological footprint and commitment to sustainability.
Decreased Electric Bills for Tenants and Management
Solar energy also delivers reduced energy bills. Tenants will notice lower costs on monthly bills, and property managers will see savings on common area energy usage. While the initial investment is costly, the long-term results are incomparable in terms of budget management for the long haul.
The Logistics of Installing Solar Panels
The advantages of solar panels are intriguing. But make sure to address these considerations before taking the plunge.
Space for the Solar Panels
Homeowners have ample roof space to accommodate the solar panels appropriate for one family, but apartment complexes may not have the structural integrity to support the expansive system needed for multiple units. Start communicating with an engineer who will determine the status of the building’s requirements. From there, they will state if the building is suitable, if reinforcements are necessary, or if you should take another approach. Solar farms, in comparison, generate substantial energy but require significant investment in land preparation and infrastructure. A decent portion of the property would have to be dedicated to housing those solar panels.
Funding for the Project
Federal and state incentives can greatly reduce the cost of solar panel installations. Programs like the Investment Tax Credit (ITC) offer substantial tax reductions, making solar projects more financially viable. Additionally, many states have specific grants and rebates that can further offset costs. Another option is third-party financing, such as power purchase agreements (PPAs) or solar leases. These arrangements allow property managers to install solar panels with little to no upfront cost. The property pays a predetermined rate for the electricity generated. Over time, this arrangement can lead to significant savings, especially as utility prices continue to rise.
Maintenance Costs
Maintenance is vital when choosing to invest in solar panels. However, it’s not a task that you can conduct yourself. It demands professional cleaning, inspections, and upgrades to maintain efficiency. The cost of maintenance varies. Services that include labor for cleaning and minor repairs may range from $150 to $300 annually per unit. Property managers should budget for occasional equipment replacements. The inverter is one of the key components that needs replacing every 5 to 10 years, and the cost is around $2,000. When budgeting for this endeavor, add some cushioning for future replacements, general maintenance, and unexpected damage. This is crucial for supporting this long-term financial investment. Solar energy will only grow in popularity. When you’re ready, dive in!
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