multifamily solar with submetering in NJ

[Lloyd Spencer]

Hi,

I'm wondering if anyone has successfully put solar on multifamily and then submetered the tenants?

So concept would be:

- replace tenant meters with one master meter for the whole property

- install solar on the roof

- install submeters for tenants, and charge them the same as the PSEG rate

You have receiveables exposure to tenants, but then you get to collect RECs for solar and potentially save on the PSEG rate with a larger meter.

It seems like the economics of this could be compelling since it would increase NOI significantly.

Has anyone heard of this before?  

Thanks!