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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