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Solar Power is Slowly Making Its Way to Multifamily

Multifamily developments may soon see the regular installment of solar power, thanks to dropping prices and improved efficiency. Prices are so low, in fact, that solar panels won't even need to be financed with subsidies or tax credits, as utilities are more accommodating, "meaning you could produce power at the same cost or better than what it costs to buy from the utility," VP of green initiatives for Enterprise Community Partners Thomas Osdoba says. In 2014, a photovoltaic system went for about $4 per kilowatt of capacity to both buy and install, 40 cents lower than in 2013, and $10 cheaper than from a decade ago. The price drop comes from the advancement in technology and declining soft costs for installation. And despite governmental financial incentive programs to lure developers into installing solar power, there are still a few challenges, such as having to take out a recourse loan for existing buildings. [NREI]