TECHNOLOGY
a reduction of heating costs . We ’ ve seen a 7 % savings using a degree day metric . This product is eligible for utility rebates and IRA investment tax credits .”
HVPG is also running a pilot program on toilet leak sensors in another New York-based community that purports to save between 15 % to 30 % on owner-paid water bills . Initial estimates indicate that return on investment is less than 18 months .
The big news from Hudson Valley is their moves into solar power . Per their statement , “ HVPG has participated in the installation of solar panels at multiple locations utilizing owned , leased and community based solar opportunities . Solar has allowed for HVPG to reduce the reliance upon the grid to power HVPG properties without negatively impacting residents .”
GOING SOLAR
Using tax credits to add solar systems into affordable and marketrate communities is happening in several locations including Washington , D . C . “ We don ’ t have a lot of land to build solar farms or to build a solar community ,” said Jean Nelson-Houpert , interim-CEO , CFO , DC Green Bank . To compensate for the lack of cheap land , the bank joined a project that is focused on building carports in multifamily communities equipped with PV panels on the roof .
The bank provided $ 3.75 million to the capital stack belonging to Enterprise Community Partners , a nonprofit developer working on installing 2.2 megawatts of solar panels at four affordable housing properties in D . C ., an investment of $ 12.4 million .
Multifamily owner-operators interested in adding solar as a way to cut electricity usage and attract residents enamored with lowering their carbon footprint have until recently been stymied by the conundrum of dividing up electricity usage and panel placement amongst individual units .
Monetizing tech upgrades is still a work in progress . Competition , the need to stay current and reducing maintenance headaches are the driving forces . “ New equipment reduces the need to repair and / or replace amenities throughout the property , which diminishes the burden on managers and their staff ,” said Allen Aldridge , Senior Vice President / Co-Director , Asset Management , KBS . “ In addition , these upgrades enhance residents ’ lifestyles — increasing their satisfaction levels and lowering turnover rates — and help to attract new residents to the property .” www . aamdhq . org OCTOBER 2023 TRENDS | 29