Multifamily Landlords, solar panels?

Question

Hi guys!

I was reading a BP article a little while ago that mentioned purchasing and installing solar panels on your multi’s to be able to charge tenants for power, as well as being able to sell that power back to the company if it is not all used in the form of credits.

What have your experiences been with solar panels? Positive? Negative?

Thank you,

Kyle

Bruce Woodruff · Answer

This post is a year old, so we don't know what happened...but the downsides to solar are a) it is bloody expensive, the payback is far down the road. b) to get a monthly payment like that, I doubt he was going to own the equipment, probably a lease, another huge no-no. c) production of the panels is a green disaster, disposal of them is worse,  d) most panels are made in China in slave labor sweatshops. e) solar by itself is not great, you need a battery backup to really maximize the concept, some localities don't allow them due to possible back-feeds.

I've installed solar on a place I own and it is a nice thing to have...if you get everything at wholesale and install it yourself. But there's the whole 'is it worth it' thing. A lot depends on where you live, how much roof space you have, if your roof is shaded, how much power you use, what your local utility charges you for electricity, and the prices offered by local solar companies.

Travis Heppe · Answer

@David C. did you pull the trigger on solar?  I'm thinking along the same lines as you were 1 year ago, and trying to figure out if it makes sense.

David C. · Answer

Hey Kyle, can you provide a link to the article I'm having trouble finding it. I'm considering doing the same to my duplex in Az. My situation is I can get the panels for $124 a month zero down which should bring the bill to net zero. The average combined electric for the two units (which share one meter) is $204, so I could provide my tenants a 15% discount and have a net $50 a month from it. I also want to do it to reduce my overall carbon foot print. I'm interested to hear what downsides I'm missing.