Finance Your Solar Hot Water System with a Thermal Energy Service Agreement (TESA)
A solution to multifamily building’s water heating cost is right above you… the sun! Up to 80% of the hot water needed for the entire building can be provided through solar technology. Solar Hot Water systems take pressure off of the conventional boiler, and extends the life of your existing equipment. State and federal tax benefits can pay for more than half of the system, but many multifamily property owners can’t utilize these benefits.
What is TESA?
A Thermal Energy Service Agreement (TESA) helps shift the costs of heating water. Instead of paying a traditional energy bill that is high from heating water, one would pay Apartment Solar Finance for the amount of hot water used for the month. We will pay for installation and maintenance of the system, so the building owner would only pay for the amount of energy, or hot water used that month. With a solar hot water system, energy price is much cheaper at 30-50% less per therm than the cost of gas. The prices are lower than those of a traditional boiler because we receive the state and federal tax incentives, passing along savings to the buyer.
Do I Qualify?
Qualifying buildings will have:
- At least 100 units
- A central water heater
- Available, unshaded area on the roof
How Long does a System Last?
This deal usually lasts 20 years. After the contract is up, the building owner has the option to purchase the system for a low price, renew the agreement, or have us remove the system at no cost.
How do I Maintain It?
You don’t have to! We will install and take care of the system throughout the life of the contract, so you can sit back and enjoy the benefits.
Why Should I do it Now?
With the new presidential administration moving in, these tax breaks could end soon. Even if that does not affect the tax break, the current CSI thermal incentive will end at the end of 2017, unless the funds run out before then. When this incentive is up, these systems cannot be financed.