As president of the country’s tallest solar residence, located in Midtown Manhattan, there’s a lot I can tell you about the stresses and ins and outs of managing a 45-story skyscraper residence in the heart of the nation’s biggest city. Satisfying a luxury clientele can sometimes require outside-the-box thinking, to say the least. That’s why perhaps the most crucial decision I made in opening up the building had nothing to do with the amenities inside.
I’ve become an evangelist of sorts for solar power, because the benefits are there for the taking and too many of my peers seem to be dragging their feet. For a modest installation cost, any building under the sun can join the green energy revolution and save money at the same time. In an industry where being environmentally conscious is becoming more important and being money conscious has always been crucial, solar power is the easiest way to generate clean energy and excitement at the same time.
These are a few of the lessons I’ve learned since getting started in solar.
It’s easy to start small, but you don’t have to.
I can freely admit that I was somewhat skeptical when I began dipping my toes into solar power for my properties. My first experiment was on top of a four-story building in the Bronx, where I figured it wouldn’t hurt to give a potential new project a try. When I saw the energy savings happen, I knew I shouldn’t waste any time scaling up, and eventually that meant bringing solar to the top of a 45-floor Manhattan luxury high-rise. Just like in real estate, the higher you go, the better the view — only this one looks straight up.
Getting installed correctly is key. An accredited installer certified by the North American Board of Certified Energy Practitioners (NABCEP) can get you set up, and like any vendor, you’re free to shop around for the best quote. There are even leasing options if you don’t feel ready to make a long-term buying commitment.
It’s cheaper than you think, in both the short term and the long run.
The days of prohibitively expensive solar installations are long over. As the technology improves, the cost of switching to solar becomes lower by the day. Bloomberg New Energy Finance said the same thing, forecasting a drop of 60% in solar prices (registration required) over the next two decades. By 2040, their experts found, solar energy will be cheaper than coal and natural gas in metropolitan regions across the country. You won’t have to wait until then to enjoy the financial benefits, however.
In all, we save about $120,000 per year on energy costs thanks to the solar array. Not to mention the management team isn’t assuming these relatively meager costs alone. The Solar Investment Tax Credit will pay back 30% of my company’s investment in commercial solar between now and 2021, so getting started ASAP was crucial. But the ease of installation and the savings don’t paint the whole picture.
The benefits extend beyond myself.
In both residential and commercial real estate, making your tenants happy can take a lot of work and takes on an infinite number of forms. Adding solar is one of the few methods that saves you money while you generate goodwill for yourself and your building. My tenants are continually telling me how happy they are about the solar panels on the building’s roof.
They’re not happy because I’m saving on energy costs or because of my company’s solar tax credit. They’re happy because they’re proud to live in a place where innovation is embraced, not ignored. They’re happy because they can tell their friends and family that they’re living sustainably without sacrificing the amenities that make their building so attractive. They’re happy because living with green energy is the way of the future, and they can all take part just by taking up residence in this building.
I realize I must sound like a solar salesman at times here, but there’s no profit motive for me. If I seem very attached to the solar method, it’s because so many of my peers seem irrationally resistant to this easy way to improve their bottom line and lessen their environmental impact at the same time. I don’t think putting a solar installation on my roofs was a revolutionary act — only when the rest of my peers in real estate do the same thing can we call it a true revolution. With savings, ease of installation and goodwill to be had, why wait?
This article was originally published on Forbes