96-Unit Multifamily Solar Project in Tampa, FL
One property. Twelve months of data. Every number, including the ones that missed our projections.
The property
96 units, garden-style, built 2004, single-owner LLC. Duke Energy service territory. Composite shingle roof, 8 years remaining on warranty.
The system
- 480 kW DC across 14 building roofs
- Structural: no reinforcement required
- Install: 11 weeks from signed contract to PTO (permission to operate)
- Financing: 20-year PPA, 2.5% escalator, zero capex
Year-one results
| Metric | Projected | Actual |
|---|---|---|
| Enrollment | 85% | 88% |
| Gross tenant revenue | $178K | $184K |
| Net owner NOI | $71K | $73.2K |
| Tenant avg. savings vs. utility | 22% | 24% |
What went well
Enrollment beat plan thanks to a resident-manager referral program. Duke rate increase in Q3 widened tenant savings without any action on our side.
What we'd do differently
- Metering. We used VNEM through Duke's pilot program; allocation adjustments took 6 weeks each time a unit turned over. Physical submetering would have paid for itself.
- Roof age. With 8 years left on the roof warranty, we should have negotiated a shorter PPA term or a mid-term panel-removal credit.
- Comms. Some tenants didn't understand the two-bill flow (utility for base connection, NOI for solar). One consolidated bill would have cut support tickets in half.
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