Is solar power on a multi-unit wise?

[Jordan Harrison]

I am in the process of closing on a 4-unit in Trinidad/NE DC. I will be leveraging an FHA 203k loan and plan to do some renovations to the property. Should I look to install solar panels to help offset the cost of utilities, either in the shared space (hallway lights) or across all units? I have been told that maintaining hallway lights can cost ~$60/month.

[Patrick M.]

I would not entertain it- far better things to get a return on investment.

1- You should not entertain shelling out cash to reduce a tenant's electric bill, no pay-off there.

2. My electric in a 4-plex unitizing 3 led vestibule motion lights, outside motion parking lot floods, exit lights, as well as emergency back-up hall lights- comes to about $15 a month, and that is at the higher rate. It is amazing the amount of savings you will be able to find if you start looking for it.