Updated over 4 years ago on . Most recent reply
Solar for Multifamilies in Rhode Island
Hello everyone,
I am an investor who focuses on multi families (particularly 5 units and under) in Rhode Island. I've recently been looking into the various solar electricity options available to investors in Rhode Island, especially Providence.
The first opportunity is installing solar panels using subsidized government incentives. The way it is currently being pitched, is that investors can install solar for at a subsidized price. If the property is in a sufficient location, this should eliminate utility bills if everything is running on electricity. Though the solar panels should cost a reasonable amount, 200-400/month, the owner must enter a long term contract. If the owner sells before the contract is over, the balance for the panels must be paid in full. Although this may introduce some difficulties, it provides a potential opportunity to eliminate utilities for the home and increase rent by including utilities in the updated price.
Questions:
-Has anyone, multifamily or single family, gone solar in RI?
-How has been your experience?
-Which solar company did you use??
-Were there any regrets or misunderstandings? What did you wish you knew before you went solar?
-How does solar affect the value of a multifamily home? Single family buyers might care, but do other investors care whether or not a multifamily home has solar?
Overall I am trying to understand what might be some drawbacks of going solar. If I was looking to purchase a multifamily using low equity loan option, could this affect me in any way? Are there any affects on taxes? How difficult might this make it to sell if the balance of the panels have not been paid off?
The point of my post is no decision comes without cost, some decisions which seem good now may restrict your options in the future. I am trying to make sure that this decision is right. And if it is right, will not have greater repercussions in the future. Especially since I plan to continue to keep on acquiring properties at a rapid pace.