Solar Photovoltaic (PV) for Multifamily Properties

Benefits of solar PV

Owners and managers of multifamily buildings looking for ways to maximize the value of their properties continue to discover the many benefits of solar energy. Multifamily solar allows both property owners and tenants to capture the benefits of a shared solar system. Rather than having a different solar system installed for each tenant or electric account, a single system can be designed to offset multiple electricity loads, such as common areas and tenant units.

Various utility programs enable the viability of solar for multifamily buildings. For instance, virtual net metering allows the kilowatt-hours from the energy produced by the solar photovoltaic (PV) system to be credited to multiple utility accounts. The allocations and solar credits are virtually distributed by the utility providing automation and ease for the benefiting parties. Another program, net energy metering aggregation, allows a single customer with multiple meters on the same property to install a system offsetting the aggregated load. This program has been used by buildings owners looking to offset only common area accounts.

The demand for solar access continues to grow among property owners and renters alike. Resources and tools are found within the multifamily Solar Energy Center to guide the development of multifamily solar projects.

Save $ on common load and tenant utility bills

With a solar PV system, you can reduce your operating costs by offsetting your common area loads. Tenant bills can be offset too, yielding electricity bill savings for all.

Hedge against utility rate hikes

Although it is difficult to predict future rates, most analysts expect them to continue to rise. During June 2016 to June 2017, the average cost of electricity rose nearly 7 percent for both the residential and commercial customer sectors, according to the U.S. Energy Information Administration.

Reduce carbon emissions

Energy harvested from the sun is clean, renewable and releases zero greenhouse gas emissions. Producing solar energy is completely renewable, and unlike coal, oil or natural gas, solar is 100 percent greenhouse gas emission free.

Support economic growth

Boost your community’s economy by supporting local clean energy companies and the jobs they provide.

property values

Increased property value

Research by the U.S. Department of Energy’s Lawrence Berkeley Laboratory shows that homebuyers consistently have been willing to pay more for homes with host-owned solar photovoltaic energy systems, averaging about $4 per watt of photovoltaics (PV) installed.

"Eco" curb appeal

Sustainable features are commonly sought qualifications renters look for in a new home. Buildings with solar are often associated with higher quality, and access to a green home can motivate new tenants and reduce tenant turnover.