How Large Apartment Complexes Are Installing Solar Panels on Their Roofs to Save on Energy

Many people believe that solar panels are only for individual residential homes. However, with the rise of accessibility of solar panels due to improved solar financing, large apartment complexes have begun to be able to install solar panels on their roofs. While it may seem expensive for older apartment complexes to redo their energy source, newly built buildings can easily include solar panels through a number of ways.

 New York City is leading the way for implementing solar energy on their large apartment complexes. More than 400,000 low-income residents will benefit from the improvements starting in 2017. Because New York City’s budget is limited, the majority of funding is going to come from outside investors. Solar financing like this is making solar panels much more viable for people throughout the nation. The investors will be paid back through future energy savings. This project will continue through the year 2025 because of extensiveness of it. It is estimated that $300 million will be invested into solar energy on these apartments.

 Other cities have integrated sustainable solar systems into their large developments as well. Apartment buildings are an efficient source for solar energy because rather than separately installing solar panels to individual homes, solar panels on apartment buildings supply energy for dozens of families. This can eliminate installation costs and simplify the project because the panels are being put all together, on one building.

Unlike a residential home, apartment complexes generally rented out to tenants. A homeowner may feel that their investment in solar panels will not be returned before they move out. Apartment complex owners are likely to own the building for a substantial amount of time, making the investment less risky. With strategic solar financing an large apartment complex owner can easily financially benefit within a relatively short amount of time because their large amount of residents will have drastically lower energy bills.

 Large apartment complexes usually cater to young families that have purchased their first home yet. This young demographic is also the most passionate about environmental sustainability. Because of this, young couples are much more likely to rent an apartment with solar panels in order to reduce their carbon footprint. An apartment with pre-installed solar panels allows younger individuals the opportunity to benefit from solar energy without having to go through solar financing themselves. Renewable energy apartment complexes attract a large audience because of this, which in turn makes solar panels more financially feasible.

 Emily Leavens is a renewable energy writer for Fusion 360, an SEO and content marketing agency. Information provided by Elements Capital Group. Follow on Twitter.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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