Investing in Energy Efficiency: Financing Options for Multifamily Property Owners
The San Diego economy is improving which means low vacancy rates in San Diego* and increasing property owner confidence in addressing years of deferred maintenance. Whether it be a new roof or an upgraded HVAC equipment, property improvements trigger an opportunity to make energy upgrades and to add to your renovation budget with SDG&E Energy Upgrade California®
Multifamily program incentives!
Plus, you can take advantage of other energy upgrade resources such as financing, grants, etc. to optimize your upgrades. Please see a summary
of the finance programs, grants and rebates, tax credits and additional resources available to assist you in including energy efficiency upgrades in your property renovation plan. Follow these links for further details and requirements:
Oftentimes, financing early replacement of equipment, coupled with incentives now, may prove to be more cost-effective than waiting until a scheduled replacement of equipment or measures. Consider this case study
of a two-story, four building, 77-unit style apartment community — the management team compared the value of A) replacing the window and roof today, taking advantage of energy efficiency incentives, versus B) waiting six years until the scheduled replacement. Our findings may surprise you - Our calculations showed an annual decrease in utility costs of $9,572.75!
The addition of energy efficiency upgrades to your overall renovation plan can improve your property’s performance, increase your overall property value and bolster your return on investment (ROI). Lower utility costs and increased resident satisfaction will result in fewer complaints, costly turnovers and unwanted vacancies.
The Energy Upgrade California® Multifamily program incentives and some of the financing options are limited — so it is never too early to start the conversation! Contact us at 866-352-7457
to learn more.
* The San Diego County Apartment Association’s Spring 2015 Vacancy and Rental Rate survey indicates a 4.1 vacancy rate.
Case Study: PepperTree Apartments
Peppertree Apartments, located in the city of Spring Valley just east of San Diego, was an existing market-rate project originally built in 1985. Wasatch Advantage Group acquired the 13-building, 104-unit property in 2014 and began an extensive renovation to reposition the community to serve low income seniors in a submarket currently lacking affordable housing.
Follow this link for the detailed case study.