Multifamily Only Needs to Ask to Go Green on the Grid with Renewable Energy
Many multifamily property owners are making a sustainability statement through green energy contracts. And all they are doing is asking.
Ask where electricity comes from and the obvious answers are natural gas and coal generation. While they are still dominant sources for supplying the electric grid, renewable energy is catching up. Solar- and wind-generated power is making more fiscal sense for apartment operators who are utility-cost conscious and/or have targets to reduce their conventional energy consumption
Green energy contracts, or renewable power purchase agreements, are available but sometimes get overlooked because of perceived high installation costs that drag out financial returns. Truth is, a property can operate on renewable energy with minimal or no investment and reap the benefits of an environmentally friendly power option.
The value of renewable energy has increased such that Fannie Mae and Freddie Mac are offering to finance incentives at multifamily properties through green loans.
“You just have to ask your energy provider or a solar contractor if they offer any type of renewable power purchase agreement,” says Mary Nitschke, RealPage Vice President of Sustainability.
Solar is the darling of renewable energy
As business sectors have argued for their fair share of economic relief, advocates say renewable energy should be an economic and environmental priority. Wind, solar and other renewables are more environmentally efficient energy sources and represent an industry that is expected to reach $2.1 trillion by 2025.
Solar, wind, hydropower and others account for nearly 20 percent of net domestic electrical generation in the U.S.
The darling of renewable energy is solar, the process of taking the earth’s natural light and converting it to clean energy. Through investment tax credits, the renewable energy source has grown significantly.
Last year, solar accounted for 40 percent of all new electric generating capacity...