As the first state to require solar energy at all new residential properties less than three stories in 2020, California developers are looking for ideas to comply with the new energy-efficient standard. SDC Energy, a provider of commercial solar financing, has partnered with Baja Construction and Grid Technologies to launch the Powering Title 24 program to aid in the process.
Powering Title 24 combines the installation of solar carports, virtual net-metering software, and tax-enabled financing to help apartment builders and owners convert the solar mandate into long-term benefits.
“Solar carports generate tax credits and accelerated depreciation benefits that offset all of their construction costs,” said Charles Schaffer, CEO of SDC Energy, in a press release. “Working with our partners, we can build [photovoltaic-powered] carports essentially for free while creating a new revenue stream for multitenant property owners.”
According to the company, the solar-generating parking structures include intelligent software that monitors the electricity produced and integrates a billing system to enable the sale of the solar power to the property’s tenants. In addition, the program provides custom financing with secure, flexible terms for installers and their customers.
By working with Baja Construction and Grid Technologies, Powering Title 24 continues, post-installation, to ensure the project’s electricity is distributed efficiently.
“Owners gain from the sale of solar, while tenants save 5% to 10% on their utility bills,” says Dover Janis, co-founder and CEO of Grid Technologies. “Plus, adding solar boosts property values up to two and a half times the cost of the installation.”
Multifamily properties in the Golden State will also see energy-efficiency changes in the coming year with Assembly Bill (AB) 802. Taking effect in June 2019, AB 802 will require all California multifamily building owners to disclose their properties’ energy usage. SDC Energy says leveraging solar energy will be a critical component of future compliance strategies.
