SOLAR BY ENFIN’S Multifamily Solar

At a time marked by skyrocketing construction costs, the pressing need to offset expenses looms large for multifamily developers. Faced with supply chain disruptions, tariff uncertainties, and labor shortages, the construction industry grapples with an approximate 8.3% surge in building costs since 2020, as noted by Fannie Mae. Despite these challenges, the multifamily sector persists in its upward trajectory, buoyed by unwavering tenant demand.

In such a climate, every penny counts more than ever. So, how can multifamily developers bolster their profitability amidst rising costs? One pivotal solution lies in incorporating income-generating assets, such as on-site solar systems, into their projects. These systems, intelligently designed, promise enduring revenue streams for decades to come.

Virtual Net Energy Metering (VNEM) emerges as a vital tool for harnessing the full potential of solar energy. By converting solar generation into utility bill credits distributed across meters, VNEM empowers builders to augment their net operating income. Moreover, it offers tenants the opportunity to partake in sustainable living while sharing in utility cost savings. For a comprehensive understanding of VNEM and its benefits, consult with a Solar by EnFin energy consultant.

Beyond the long-term financial gains associated with solar energy adoption, Solar by EnFin stands ready to navigate developers through an array of incentive programs tailored to their geographic locale.

For California multifamily builders, three new incentive initiatives have recently garnered attention:

1. BUILD Program
   Administered by the California Energy Commission (CEC), the Building Initiative for Low-Emissions Development (BUILD) incentivizes all-electric, low-income residential constructions that curtail carbon emissions. This program prioritizes integrating renewable energy technologies into affordable housing projects, offering awards of up to $2 million per applicant, with additional incentives available for incorporating solar storage solutions.
2. Energy-Smart Homes Program
   Facilitated by the California Public Utilities Commission (CPUC), the Energy-Smart Homes Program incentivizes all-electric new home construction. With a yearly allocation of $12 million through 2025, this program presents builders with an extension option and the ability to stack incentives with initiatives like BUILD. Applications for this program are currently open.
3. California Electric Homes Program
   Currently in development, the California Electric Homes Program aims to incentivize electric building construction and energy storage. Anticipated to launch with an initial allocation of $58 million. Solar by EnFin remains closely engaged with this initiative to ensure builders stay abreast of its progress.

Compliance with California’s Title 24 energy code is a prerequisite for many of the aforementioned incentive programs, mandating solar panel installation on all new residential constructions of three stories or less. Solar by EnFin’s multifamily construction experts collaborate with architects and builders to seamlessly integrate cutting-edge solar technology into their projects while averting costly missteps.

Solar by EnFin emerges as a trusted partner for leading homebuilders nationwide. Offering industry leading renewable energy solutions encompassing solar, storage, and EV chargers, our solar panels boast unrivaled efficiency and durability. To explore how solar energy can maximize your investment returns, reach out to our team today.