How Landlords Benefit from Solar Arrays on Apartment Buildings
More and more people are conscious about the amount of energy they use, and where that energy comes from. Unfortunately for millions of people who rent apartments, the current benefits of solar are almost exclusively going to homeowners. It’s difficult for an apartment dweller to get the environmental benefits of solar panels because they can’t purchase the panels for their rented living space.
Since solar has become such a popular way for people to reduce their carbon footprint through renewable energy resources, landlords that install solar panels on an apartment complex can realize the financial benefits of generating energy from the sun, but also gain a competitive edge in attracting renters for whom solar energy is a desirable perk.
Reduce Energy Bills
An apartment complex has a lot of energy needs, and even if your tenants pay for the energy they use within their own apartment, you are still paying as a landlord for power supplied to common areas like hallways, lobby, and any site amenities you have like a gym or entertainment areas. Solar energy panels can generate enough energy to supply power to these areas in addition to your tenants’ living space, reducing your operating costs. If you include electricity in your tenants’ rent, you can make money by having low or nonexistent energy costs.
Increase Property Value & Attract New Tenants
As more people are looking for ways to reduce their own consumption and feel good about doing what they can for the environment, many landlords will find that having a solar array on an apartment building can attract renters and will increase the value of your property over time as more and more people look for environmentally friendly options, even when renting.
Generate Another Income Stream
With a typical solar array in Utah, you can often generate more power through the solar panels than your apartment building and your tenants will use. That’s especially true in the summer months when sunshine is abundant and the hours in the day are long. You may be able to sell some of the excess energy you generate back to the local power company, providing you with another income stream.
Be Environmentally Friendly
Finally, solar panels for apartment buildings can be a great way to do your part as a landlord to help the entire state and community reduce its fossil fuel consumption. As the number of people in Utah continues to grow, air quality will likely continue to decline without significant action on the part of commercial and residential properties in the state.
Talk to Intermountain Wind & Solar today to learn how you can get solar installed on any existing or future apartment building.