Solar on Multi-Family Affordable Housing (SOMAH)
The California legislature has passed a bill providing financial incentives for the installation of solar electrical generation systems on multi-unit apartment properties that cater to low-income households throughout the state. This program will provide up to one billion dollars over 10 years to cover 100% of the cost of installing a solar system on your property. Each year one hundred million dollars of free money will be available on a first-come, first-served basis. It’s important to hurry, because the money will not last long.
For California, each year one hundred million dollars of free money will be available on a first-come, first-served basis.
This program requires that the tenants receive the benefit of the electricity generated by the solar system. However, providing your tenants with more affordable electricity will give your property a competitive advantage when attracting new tenants. Your property will have lower vacancy rates, and that means higher revenue from the property.
At Impact Solar we strive to make going solar easy. We can help you determine if your apartment building is eligible for SOMAH funding and design a solar electrical generation system that will give your property an edge over your competition.
Everyone who owns an apartment building must understand benchmarking. If your property has at least 17 units and is 50,000 square feet in size or larger you will be required to submit an annual benchmarking report. Your first report is due June 1, 2019, and will be made public the following year.
Benchmarking is a program for publicly disclosing the energy use of residential multi-unit buildings in California. Apartment buildings that use electricity less efficiently, cost the tenants more money for their electricity usage. Once the benchmarking report is public, prospective tenants will be able to compare the cost of electricity between buildings. This can be an advantage or a disadvantage for your property. Since the first report is not due until June 1, 2019, you have time to find out where your building stands compared to others, and if necessary, act before you are required to submit your first report.
Free Benchmarking Report
We can show you how your property compares to most other apartment buildings.
We also provide an action plan to show you how you can improve your property’s benchmarking score.
A free no-obligation quote to do the necessary work to lower your benchmarking score.
Great Financing Options are Available for all Apartment Buildings
Your apartment building may not cater to low-income households and therefore, not qualify for SOMAH funds. Although the solar electrical system will not be free, there are many excellent options that allow you to go solar. These options include ownership and third-party ownership. Off-balance sheet options are available and may not require any cash out-of-pocket. Each situation is different, and Impact Solar can help you find the best financing solution for your needs.