Apollo Assist Multifamily Energy Audit
Multifamily energy auditing for affordable and market rate properties.
Why Get An Energy Audit
The purposereaso for an energy audit is so you can locate arteas that will reduce your common areas energy use. If you are thinking solar, your real estate for solar, the areas available to install solar, will likely be limited. Reducing your existing the energy use first will rdeuce the amount of solar you will need."
Another reason is if you improve your units, you may qualify for a multifamily energy audit rebate from the local utility compaies and you could qualify for a $2,000 federal tax credit for each unit.
Leveraging Available Financing
Financing can help you pay for the upgrades. One of the newer financial options is Property Assessed Clean Energy (PACE). Commercial PACE allows commercial property owners to finance energy efficiency, renewable energy, water efficiency and seismic improvements for their businesses and multifamily residential projects. The financing is then repaid on property taxes over the course of up to 30 years. Commercial properties include all nonresidential properties, such as multifamily buildings (five or more units), industrial, retail, hospitality and office properties.
The nice thing about Commercial PACE is they take 12-18 months before3 you need to start making a loan paymnnent and there is no accruing interest during the period of time. The thinking is you will have saved enough from the energy efficiency renovations to make any bi-annual loan payments that will appear on your property tax bill. These loans also have no pre-payment penalties.
However, unless you are going to keep the property long term, if you refinance the mortgage and consolidate the Commercial PACE loan, by the time you sell the additional increase in your mnortgage payment will have been less the acxtual cost of the renovations.
Leveraging Available Tax Credit and the New Capitalization Rules To Lower Cost
Leveraging Available Tax Credits
We will leverage the $2,000 per unit tax credit if you have low-rise multifamily property, or a high-rise which can qualify for a $1.80 per square foot tax deduction if your property is a high-rise multifamily.
When you leverage the available financing we will employ a strategy that will leverage the available incentives to substantially lower the total cost of your renovation. We determine the value of the deduction through the use of our Dispositive Analysis you'll get when renovating your existing assets or portion thereof. This can substantially reduce your overall costs of renovations and can increase cash flow, lower capital gains taxes by reducing recapture following a sale, and more.
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