Three New Renewable Energy Incentive Programs for California Multifamily Developers

3 New Renewable Energy Incentive Programs for California Multifamily Developers

This is a common concern that has been in the headlines throughout the year. If you are in the business of new home construction, you know that the cost of building materials has increased a lot since the pandemic started.

There are many factors that are causing the cost of construction to go up. These include concerns over supply chain issues, tariffs, and labor shortages. However, experts expect the multifamily sector to continue growing because there is still a lot of demand for rental housing.

Multifamily builders are looking for ways to save money, as the cost of construction keeps increasing. One way to offset these costs is by adding new assets that bring in more money. For example, designing a solar system that can be installed on site will produce income for many years.

If you want to make money from solar, use virtual net energy metering (VNEM). VNEM lets you sell the solar power you create to the electric company. The power is then split up among all the people who live in your building. This means that the people who live there can save money on their electric bills. You can learn more about VNEM from a SunPower energy consultant.

SunPower can help you save money in the long run with solar energy. They can also tell you about incentive programs that are available in your area. There are now three new incentive programs for multifamily builders in California that are getting a lot of attention.

BUILD Program

The Building Initiative for Low-Emissions Development (BUILD) is a program through the California Energy Commission (CEC) that provides builders with incentives for creating low-emissions residential buildings. These buildings must use renewable energy technologies, and awards up to $2 million are available to each applicant. In addition, there is a kicker incentive for additional clean energy technologies such as solar storage.

Energy-Smart Homes Program

The Energy-Smart Homes Program is organized through the California Public Utilities Commission (CPUC). This program provides incentives for builders to build all-electric homes. There are $12 million in incentives available each year through 2025. The best part is that this program can be combined with other programs, like BUILD.

California Electric Homes Program

The California Electric Homes Program is being developed to incentivize electric buildings and energy storage. The first phase will have $58 million allocated. The overarching guidelines for the program are expected within the month, and there will be a public comment period in late 2022 or early 2023.

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