Benefits of Solar Energy for Multifamily Housing
Oct. 01, 2022
A growing number of multifamily housing projects in Massachusetts are installing solar panels, and it’s easy to see why. Installing solar at your rental properties not only increases profitability, it also helps you qualify for tax breaks and makes your rental properties more attractive to tenants looking for lower electricity bills and a more sustainable lifestyle.
Keep reading to learn more about the benefits of solar installation for multifamily units and why you should consider commercial solar panels for your multifamily properties.
There are excellent tax benefits and incentives available for commercial solar installations in Massachusetts, including:
- Federal Solar Tax Credit - Get a tax credit worth 30% of your total solar installation costs.
- MACRS depreciation for solar - Speed up your return on investment with annual tax deductions. Choose a 5-year schedule or a 100% first-year “bonus” depreciation.
- Net metering - Earn credit with your utility by selling the excess solar energy your commercial solar system generates back to the grid.
- SMART for businesses - Receive a monthly incentive payment based on the amount of energy your solar panels produce.
- ConnectedSolutions - Receive incentive payments when you install battery storage and allow the grid to pull energy from your batteries during a limited number of peak demand times.
2. Lower Electric Bills for Your Buildings & Tenants
When you install solar panels at your residential building or apartment complex, you can help your tenants save money on their electric bills by producing some of the electricity they need for free onsite. This can be a strong justification for raising rents given that tenants will have significantly lower electricity costs.
If you cover utility costs for your tenants, solar panels will help you save money on operational costs. You can also use the electricity your solar panels generate to power common spaces like hallways, mail rooms, laundry rooms, or rec rooms, saving you even more money.
3. Get Blackout Protection with Solar Panels & Battery Storage
Installing solar panels and battery storage at your rental properties will give your tenants some protection against power outages. Solar energy systems that include batteries can stay on during a power outage, so you’ll be able to keep the power running during a daytime outage. Solar batteries also let you store energy for backup power during a nighttime outage so you can keep essentials running overnight. This is a great benefit for tenants and could help you attract more tenants with longer leases.
4. Reduce Your Building’s Carbon Footprint
Investing in solar panels for your rental properties is a great way to join the fight against climate change. Electricity generation is the second-largest source of greenhouse gas emissions in the United States. Switching to solar energy will allow you to power your multifamily housing units with significantly less fossil fuel consumption, leading to a cleaner and more sustainable future. A multiunit solar installation can also position your building as a green living environment and help attract new tenants as renters become increasingly environmentally conscious.
Talk to Boston Solar About Multifamily Solar Installation in Massachusetts
Boston Solar is the leading local commercial solar installer near you in Massachusetts, and we’ve installed over 5,000 solar energy systems to date. We can help you and your tenants enjoy solar benefits like lower energy bills and a smaller carbon footprint with a commercial solar installation for your rental properties. We install solar panels for residential buildings of all sizes, from small multifamily units to major apartment complexes. Our team can help you maximize your savings, tax benefits, and return on investment with a custom system design and professional commercial solar installation.
Add solar panels to your multifamily building. Call 617-858-1645 or contact us to request a proposal.