(Photo: Powering Title 24 solar carports. Credit: SDC Energy)SDC Energy launched a new solar financing program this week with Baja Construction and Grid Technologies to help apartment builders and owners profit from California’s Title 24 mandate requiring solar energy on new residential properties.
Called Powering Title 24 Program, it combines solar carports, virtual net-metering software, and tax-enabled financing for owners. Once the solar energy system has been installed, the program makes sure that the project’s electricity gets distributed efficiently, SDC energy says.
This program turns Title 24 compliance into profits, SDC Energy CEO Charles Schaffer said. “Solar carports generate tax credits and accelerated depreciation benefits that offset all of their construction costs,” he noted. “Working with our partners, we can build PV-powered carports essentially for free while creating a new revenue stream for multi-tenant property owners.”
Program partners cited a survey of 2,800 apartment residents that found two-thirds of respondents would pay more to live in a green community. Carports installed under the Powering Title 24 Program create energy-efficient properties that command higher rents and longer leases while reducing construction costs, the partners say.
“Our energy monitoring system leverages ‘virtual’ net metering to create a passive revenue stream for building owners,” said Dover Janis, co-founder and CEO of Grid Technologies. “Owners gain from the sale of solar while tenants save 5% to 10% on their utility bills. Plus, adding solar boosts property values up to two and a half times the cost of the installation.”
Starting in June 2019, Assembly Bill 802 will take effect, requiring California multi-family building owners to disclose their properties’ energy usage and show their level of Title 24 compliance, SDC Energy points out. Public disclosure starts one year after reporting begins, the Center for Sustainable Energy noted.
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