When older multi- residential building maintenance costs start increasing, property owners increasingly face the challenges of keeping such costs down while keeping all the expectations in view. One of the most powerful way is to reduce the energy cost while making buildings more environmentally friendly is to shift some of the cost to solar power generation. But there are certain pros and cons associated with this sort of power source.
FIT incentive program of Ontario has received much attention as the first comprehensive and guaranteed pricing structure for the renewable energy production of North America. This program used to offer stable prices under long- term contracts for energy generated from renewable energy sources. For example:
- Solar PV
- Landfill gas
Some pros of solar panels:
As the most important benefit you can get a 20 years of income generation and receive full payment of your investment in the first half of your contract term.
Moreover the electricity prices have significantly increased. In Ontario, the electricity costs have increased 63.3 % over the last 5 years. As the electricity prices are unlikely to take a U- turn, it is a positive consideration to move to other source of energy. While at the same cost of a Solar Energy System decreased by 80% since 2009.
Low maintenance and no moving parts make the solar PV system reliable as well as long lasting. Most PV systems are still in working condition even after 40 years of operation. In addition, solar panels acts as a kind of quasi- second roof that may increase the lifespan of the roof.
It is encouraging that managements are making a direct and a personal contribution to clean sustainable solar energy for community and the whole world by utilizing the solar panels.
It is important to remember that the solar generated electricity is starting to be stored; there is vast probability that 5 years from now, on- site storable energy will transform the solar generated electricity business model into a more complete sustainable system.
Some cons of solar panels for apartment buildings:
If the residents are paying their own electricity prices, the business case for the solar panels becomes even lesser attractive for just “common area” lighting and heating cost. The residents will complain to the landlord, as the electricity should be included in the rent. But with ideas like bulk metering being introduced possibilities are endless.