CONDOS AND HOAS
Many HOAs can install solar on their condominiums.
Lower your HOA fees. EcoVolt will pay roof rent directly to the HOA for hosting the solar installation, potentially lowering the HOA bills for association members.
Reduce electric bills. We will distribute utility credits for all association members who participate in the EcoVolt solar program, directly reducing the cost of their monthly electric bill.
Improve property value. Everyone in the condo association benefits from sustainability investments and lower electricity bills.
How EcoVolt Solar Compares to Other Solar Offers
There are many different ways to finance a solar installation – so many, in fact, that it can feel overwhelming. Below are 3 of the most popular. But note that each one of them carries certain challenges for HOA communities:
Paying for your solar PV installation with cash offers the highest returns and the shortest payback period (usually 7 to 9 years). But in order to move forward, everyone in your development must opt-in and sign up to pay a special assessment. This can be a complicated process – especially for those who don't expect to sell before the Association’s solar investment breaks even.
Paying for your PV installation with a solar loan is another possible option. But, because of interest payments, everyone may have to pay more HOA dues every month, not less. These higher HOA dues, to pay off the loan interest, may actually reduce the resale value of each unit in the complex.
Paying for your solar PV installation with a Power Purchase Agreement (PPA) provides the new PV system for a $0 up-front fee. You only pay for the solar electricity generated. However, most PPA contracts include price escalators that can raise your homeowners’ electricity rates by as much as 4% per-year, every year. These price hikes occur even if utility rates remain stable. During your 20 year PPA purchase commitment, the cost of your solar power can more than double. PPAs can work in your favor if utility rates rise faster than the PPA’s annual price escalator does. Otherwise, your savings can quickly diminish. If your PPA price grows so fast that it is higher than local utility pricing, then it may become difficult for your homeowners to sell their units.
With our unique approach to solar financing, however, you don't face any of these challenges.
Our solar electricity rates are directly tied to local utility prices. The solar electricity price you pay can go up or down based on changes in your local utility’s rates – so there are no surprises. In addition, signing up with EcoVolt Solar doesn't require:
Huge upfront costs. In fact, you pay nothing to go solar.
Special assessments. Tenants can opt-in voluntarily.
HOA due increases. There are no interest payments attached.
Read through our Rooftop Income Agreement for all the details.
To make sure things run smoothly, EcoVolt will regularly service and maintain the solar panels as part of your homeowners’ contract with us. If anything breaks or performance dips, we will correct the problem at our expense. We don’t add any additional burden to your HOA.
And best of all, your HOA receives a 10% of our sales proceeds each year as a rental payment for use of your roof. This allows the Homeowners Association to reduce its carbon footprint – and make money in the process. It’s almost like “Money for Nothing!”™
And it cost nothing to get started. Learn how going solar can make your property green and reduce HOA dues simultaneously! Contact EcoVolt Solar today for a no-risk, no-obligation consultation.