Condominiums, Cooperatives and Homeowner Associations
No one enjoys paying Homeowner Association (HOA) dues. What if you could lower your Homeowners Association dues simply by installing solar on your property?
Or what if you could avoid future assessments and/or upcoming increases in dues?
Are your HOA costs rising?
EcoVolt offsets your rising costs with a new source of income — roof rent!
With EcoVolt Solar, your condominium, cooperative or housing development can:
- Install solar panels for $0 down and get paid to do it
- Your HOA can use that money to reduce communal expenses and dues
- Solar can reduce the utility bill paid by your HOA for communal area space
- Solar can reduce each homeowner's utility bills too!
Got empty roof space?
EcoVolt Solar will lease space on your roof for 20 years and install photovoltaic (PV) panels at our expense (parts & labor). These solar panels will supply rooftop-generated solar electricity to any or all of your homeowners. Our solar electricity price is pegged to stay synchronized with local utility rates. Your homeowners should likely pay less than continuing with dirty electricity from the utility grid. They won’t overpay just to be green!
You don’t need to require every homeowner to participate. EcoVolt will size the solar system only for those homeowners who opt-in.Or will can just size
it to reduce your common area electricity bill.
But the benefits don’t stop there.
EcoVolt Solar will pay your HOA 10% of our cash receipts for use of your roof. This cash back payment works just like a cash back rewards card from a bank. Your HOA receives a check each year equaling 10% of our solar sales receipts from your HOA’s members.
There is no maximum dollar limit on the amount of roof rent we will pay. Moreover, if local utility prices go up every year, so will your rent payments from EcoVolt.
This shared solar approach does more than help the environment. It also helps reduce communal expenses for everyone, whether your property is a:
- Cooperative Apartment
- Planned Unit Development
- Other Common Interest Development
Your homeowners are going to buy electricity anyway. Why not leverage those electricity purchases so they lower everyone’s HOA dues?
How Does It Work Exactly?
Let us lease space on your roof. We’ll install solar at our expense. The solar panels will reduce your property’s net consumption of electricity from your local utility.
Interested homeowners can sign EcoVolt’s Rooftop Income Agreement (RIA) to buy a portion of the solar energy produced on your roof. If they’re approved, we’ll invoice each homeowner for whatever portion of the roof’s solar production they receive each month.
To make it easier on you and your tenants, EcoVolt takes care of all paperwork with your local utility. Thereafter, the utility will spin your homeowners’ meters backward whenever they receive a solar allocation. Every kilowatt-hour of solar electricity they buy from EcoVolt Solar will lower the amount of electricity they buy from their local utility (on a one-for-one basis). Everything happens automatically (through a utility program called “ virtual net metering”).
- What happens if one of your solar-consuming owners moves out? No worries. Whenever a unit becomes vacant, we can reallocate how the solar electricity is distributed to the remaining HOA members (and to the common area electric bill). And when someone moves into that vacant unit, we’ll adjust the shared solar accordingly – per your instructions.
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.
 See EcoVolt’s Rooftop Income Agreement for details