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.
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.
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.
When first considering solar electric power, it’s important to understand your project objectives. Whether your goal is to lower operating costs for your property, provide solar access to tenants, lower energy costs for tenants and common area loads or increase your property’s value and appeal – all are achievable with solar.
If you really want to maximize profit on your apartment building, while attracting the best possible tenants, then you should install solar panels. Although it’s a less common phenomenon than home solar panels, solar for apartments is no less beneficial. Apartment buildings undoubtedly consume a lot of energy, but you can actually eliminate energy costs with the right solar panel system.