Reducing Utility Costs w/ Solar Panels on Apartments?
I am in the infancy phase of even exploring this idea, but was curious to see if any other apartment operators have looked into installing solar panels on their buildings to reduce utility expenses?
My gut says there is no way it makes sense from a straight cash flow basis. My thought was more so when factoring in tax benefits as well increased NOI and therefore value that can be captured through an already planned refinance I may be able to make sense of it financially.
The complex in consideration is made up of several 12 unit buildings. All of them get full day direct sunlight. They are asphalt shingled gable roofs. Currently, the only utilities we are responsible for are the common areas including the laundry rooms. I have already gone in and done LED upgrading. So in all our electric consumption is relatively low. I have heard if you can produce more energy from the solar than you use it will spin the meters backward and you can receive a payment from the energy company.
Before I spend hours researching I thought I'd see if anyone else has executed, or explored the same.
This is strictly for apartment complexes where value is based on income not considering this for smaller property.