Does anyone know of resources to help turn an apartment complex to solar power (I’m the manager)?
Dec 19, 2009
in
Commercial Mortgage FAQ
We are looking to make our apartment complex more green… does anyone know what the costs would be like, how financing may work, and any perks/rebates that may be available? This is a 304 unit apartment complex in Ohio that was built in the 1960’s.
-Thanks for any help!!!
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2 comments
Guthrie I on December 19, 2009 at 6:48 am
I moved from Ohio to Wisconsin last year, so I’m not sure who I could call to assist you. Here is a list of apartments in Ohio that you can contact. http://www.findanapartmentonline.com/Ohio-Apartments.html I’m sure someone can help you.
Enjoy Ohio!
roderick_young on December 19, 2009 at 6:48 am
It will not be enough to power the apartments, of course, because of the large number of people living in a small area (compared to a single family dwelling), but it may help.
The costs will be difficult to reconcile. Our array is about 225 square feet, and supplies enough for our ideally-oriented, low energy use house in California. It cost about $80 per square foot, net. What you can do is total up your roof area, and get a ballpark figure of how much array you could install.
But will the tenants want it? Do they each have an individual electric meter, and if so, how will you apportion the energy among the tenants? If the tenants will contribute to the capital cost of the array, it will seem like a one time charge with no benefit to them. If your area is like mine, tenants are unlikely to stay for the 10-20 years needed to get their money back from an array. A homeowner doesn’t have this problem, because if the house is sold, hopefully it sells for a higher price, recouping the price of the solar array. If renters move, they recover none of the price. To them, it would just seem like higher electric costs. I think that’s why I’m unaware of any apartments that have solar arrays in the US.