Solar panels are typically marketed to homeowners and businesses, but they also offer an incredible array of benefits to apartment building owners. Investing in a solar array can help reduce vacancy rates, minimize your own expenses, and increase the environmental benefit of everyone who lives in your building. Below are a few reasons to consider installing a solar system on your multifamily building.
The Advantages of Solar Arrays for Apartment Buildings
1. Reduce Energy Costs
Your tenants might be responsible for the energy they use, but you still have to pay for electricity consumed by stairwell lighting, office equipment, and elevators. These expenses add up quickly and come directly out of your profits. Once you add a solar array, you’ll likely never have to pay another electric bill again.
2. Attract More Tenants
More people than ever are concerned about minimizing their environmental impact as much as possible. Being able to market your building as a solar-powered community will make your apartments more attractive to tenants willing to pay a premium to reduce their carbon footprint. This can allow you to raise rents, so your solar panels may quickly pay for themselves.
3. Boost Property Values
Not only do solar systems make your building more attractive to tenants, but they’ll also attract other investors if you put the property on the market. Even if you don’t intend to sell the building soon, the increases in property value provided by solar energy can make it easier to secure a business loan for more renovations or for acquiring another property.
4. Boost Revenue
Your solar panels will probably create more daily energy than your building needs, especially in Hawaii with its year-round sunshine. Even if you have batteries for storing extra energy for use at night, you’ll likely wind up with excess electricity production. Hawaii solar owners can sell extra energy they produce back to the grid, potentially creating a lucrative revenue stream. The larger and more powerful your solar system is, the more spare kilowatt-hours you can sell back to the utility company.
5. Reduce Your Environmental Impact
Renters aren’t the only ones concerned with reducing the environmental impact of their activities. Installing solar panels will make your building more sustainable and help reduce Hawaii’s reliance on imported fossil fuels. If you manage a large apartment building, going solar could keep thousands of tons of greenhouse gases from entering the atmosphere every year.
With years of experience and access to some of the most advanced equipment on the market, Holu Hou Energy serves apartment building owners throughout Honolulu and all of Hawaii. They offer innovative micro-grid solar panels and high-capacity storage solutions that will help make your investment more sustainable. Follow their Facebook to learn more about their solar services, or call (808) 371-7514 to schedule a consultation.