Solar power is fast becoming the world’s go-to energy source. Given the potential of solar and the dire need to shift to renewable energy, this is the right way to go. What makes it exceptionally rewarding is the fact that large consumers often find solar power to be the cheapest source of power.
Given these parameters, solar is very highly recommended for residential complexes. Since residential buildings have high energy consumption throughout the day and rooftops can often not be utilized for any useful purpose, rooftop solar makes complete sense for these buildings.
Using Solar to Power a Building
- Common Areas: This is the most common area of adoption of solar for residential towers. Common Area lightening and other uses are a shared expense for the entire community and powering them through clean energy will help reduce costs and save the environment.
- Outdoor Lighting: Several buildings have adopted solar street lights for outdoor lighting requirements. This allows the buildings to have a more robust and independent lighting system that can work independently of the grid during any possible power failures. If planned, during the construction phase, it could also reduce major set up costs for the apartment complex.
- Homes: Very few buildings can utilize rooftop solar to power individual homes. This is because the roof is common property and there is rarely enough space to meet the demands of all the homes. It is, therefore, difficult to power homes through solar, however, if the buildings are not high rise buildings and only have a few apartments per floor, it can be possible.
Financing Solar Power
Today, there is a major increase in the financing options available to consumers when they are adopting solar. These are also applicable to apartment complexes.
- BOOT Model Financing: In the BOOT Model financing, consumers install the solar system without paying any upfront costs but rather pay a monthly electricity bill to the Installer. The Installer who sets up the system, bearing the investment costs, sells the power to the user at a rate below the grid price. Hence, consumers can save on their bills without spending a penny.
- Debt Financing: Various banks are lending aggressively for solar projects. By investing in solar, a consumer can realize a return of greater than 30% and by getting the project financed through debt, they don’t have to pay huge upfront costs as well. Debt repayments are usually taken care of by the electricity bill savings in the initial years.
So, How Can Your Apartment Shift to Solar?
- Consensus: The important first step of the journey is a consensus amongst the residents. They need to agree to utilize their rooftops for this purpose and agree on a business model.
- Quote Gathering: The next step would be to invite eligible vendors to survey the premises and submit a quote.
- Finalization and Sign Off: The residents can finalize the project based on the services offered and the pricing.
- Installation: The finalized vendor installs the solar plant on the roof.
SafEarth has built an online marketplace that helps residential complexes in this entire process. Our marketplace automates the entire procurement process and ensures that you receive the best possible system at the lowest price.