Executive Summary
Gazebo Apartments owns a 755.5 kW DC solar-plus-storage system across the eight buildings and sells its energy to tenants through their AppFolio statement. Tenants pay roughly what they pay the utility today, at a rate locked for the term. The difference between that revenue and the cost of the system is new property income — and because you finance it yourself, you own the asset and the tax credit outright.
1 · NOI designs, builds and operates
NOI engineers the arrays, installs and commissions them, and supports your federal tax credit claim. No construction management lands on your team. What NOI does not do: we do not bill your tenants — that stays on AppFolio, your existing platform — and we take no billing or platform fee. Ongoing O&M is yours to place with NOI, another vendor, or your own team. You bring the financing, from your own lender.
2 · Tenants are billed through AppFolio
The array covers — of a unit's ~900 kWh month, Across 144 paying homes that is — a month to you.
3 · You own the system and the credit
You hold title, claim the 30% federal ITC — — — and depreciate the asset. Both are computed on the full package price, roof allowance included.
4 · The difference is yours, every month
— a month once the loan is paid down to its steady-state balance, after debt service and O&M.
The array is built for all 144 units and financed on that basis, so the capital cost and the debt service do not move with occupancy. Nor, for most of the range, does the revenue: the array is one pooled system, and a vacant unit's generation flows to the let units, which between them consume more than the roof can make. Empty units mean the remaining tenants are covered further — not that energy is wasted. At 100% that is 144 paying units, 0 vacant, and — generated but unbilled.
| Occupancy | Paying units | Per let unit | Their coverage | Energy revenue /yr | Net to owner /yr |
|---|
| Stream | Homes / units | Tenants pay you | You pay out | Net / mo |
|---|
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About NOI
Built multiple solar and energy-efficiency companies. Turns underutilized rooftops into NOI; oversees design, implementation, O&M and the installer network.
20+ years at Citibank, Visa and PayPal. Leads banking, lending and payments infrastructure.
Runs NOI operations and delivery end-to-end — from project execution and the installer network to client onboarding and go-live.
Works with multifamily owners, developers and HOA boards — your point of contact from roof analysis through billing go-live.
Community Profile & Solar Analysis
Eight buildings along S Carroll Blvd, 164 units in total, of which 144 are modelled as participating. Each building is engineered from its own roof — production and the federal credit are computed per building, so the programme can phase if you prefer.
| Building | Array | Panels | Modelled production |
|---|
| Year-1 production | 1,071,728 kWh AC |
| Specific yield | 1,419 kWh/kW·yr |
| System size | 755.5 kW DC |
| Production basis | NREL PVWatts |
| Status | Unverified — see note |
| Utility | Confirmed at survey |
| Billing model | Tenant billing via AppFolio |
| Export programme | Texas net metering — surplus only |
| Contract term | 20 years |
Energy Coverage & the Tenant's Bill
| Usage | 951 kWh |
| Facility charge | $8.80 |
| Energy (all kWh, May–Sept) | $0.0694/kWh |
| Energy Cost Adjustment | $0.0462/kWh |
| Transmission Recovery Factor | $0.0156/kWh |
| Volumetric rate — what solar can displace | $0.1312/kWh |
| Total billed | $135.58 · all-in $0.1426/kWh |
| Year-1 production | 1,071,728 kWh |
| Participating homes | 144 |
| Delivered per home | — |
| Stated consumption | 900 kWh/mo |
| Coverage | — |
| Still bought from Denton | — |
Short answer: not on these roofs. The arithmetic and the constraint:
| Community consumption (144 × 900 kWh × 12) | 1,555,200 kWh/yr |
| Current production | 1,071,728 kWh/yr |
| System size needed at 1,419 kWh/kW·yr | 1,096 kW DC |
| Current system size | 755.5 kW DC |
| Additional panels required | +773 panels (+340 kW) — 2,490 in total |
The roof is the binding constraint, not the budget.
Covering 900 kWh per unit needs an array 1.45× the size of the one already designed — and the enlarged 1,717-panel layout pushes further into the ~0.91 m fire-code roof-edge setback. If that setback is enforced at plan review, the buildable array gets smaller, not larger. Full coverage is therefore not achievable from the roofs alone, and the figures throughout this document are sized as a partial offset. There is one route to 100%: parking canopies over the surface lots would carry the missing 340 kW in roughly 17,700 sq ft — about 110 bays. That is a larger scope and a separate capital number, which we are happy to price if full coverage is the objective.
| Line | Today | With NOI |
|---|
Equipment & Technology
Every component below is drawn from your bill of materials — bankable modules and warrantied storage, metered and monitored by NOI.
1,717 × Silfab Elite 440W
| Array size | 755.5 kW DC |
| Origin | USA (Burlington, WA) |
| Efficiency | 22.2% |
| Product warranty | 30 yr |
| Performance | ≥90.8% at yr 25 |
144 × Enphase IQ Battery 5P
| Usable energy | 5 kWh each |
| Mounting | Wall-mounted, hard-wired |
| Origin | USA / Mexico |
| Warranty | 15 yr |
EcoFlow PowerOcean
Grid-tied and battery-ready. Handles the array, the storage and the export interface on one device.
IronRidge XR100
Wind-code compliant, engineered per roof and per building.
EcoFlow L2 EV Charger
Level 2, 48A, smart scheduling. Currently not included — set the count in the scenario panel above.
EcoFlow Cloud + per-unit meters
Live production and per-unit consumption, delivered to you each cycle for posting to AppFolio.
Financial Model & Capital Flow
| APR | Monthly payment | Annual debt service | Net / yr | Payback |
|---|
25-Year Cashflow
Your money, not the system's: the down payment at year 0, then energy revenue less O&M and debt service each year, plus the federal credit and depreciation as they are realised. Where the line crosses zero is payback. Revenue is contracted through the 20-year term; years beyond that are shown shaded, are excluded from payback, and depend on renewing the energy contract at the final agreed rate. Where the loan runs past year 20, those years carry debt service against uncontracted revenue.
| Year | Production (kWh) | Revenue | O&M + EV lease | Debt service | Tax benefit | Net cashflow | Cumulative |
|---|
How the tax benefits land
The 30% ITC — — — is claimed in the year the system is placed in service. Depreciation follows 5-year MACRS on the same package basis at a 27% effective rate. With the sweep switched on, year one is interest-only and those benefits go straight to principal, which is what makes debt service serviceable out of tenant revenue thereafter. Roof replacement that is necessary in order to install the solar qualifies for the ITC benefit as well as depreciation — please consult your tax advisor. The quote prices one package and does not differentiate roof from solar; how you take and apply the credits is your decision with your CPA. This also assumes you have the tax appetite to absorb the full credit in the year it is claimed. NOI is not a tax advisor.
Your asset base rises too
The cashflow above is income only. You also own an installed, revenue-producing energy asset and — where the roof is included — a new roof with a fresh service life. At a 6% cap the stabilised income implies —. Confirm the right cap rate for this market with your broker.
Tenant Experience
Tenant-friendly by design — the programme only works if it is fair to the people who live there.
Own submeter
Every unit is individually metered — tenants pay for what they use, with no cross-subsidy.
Clear monthly statement
Energy appears as a line on the AppFolio statement tenants already receive — no new portal, no new account, no meter-reading.
Cleaner power, locked rate
On-site solar with battery resilience during outages, at a rate fixed for the term while the grid rate moves.
Billing — on AppFolio, Not a New System
You already bill your tenants through AppFolio. Energy does not change that. NOI installs the metering and hands you per-unit consumption each cycle; the charge appears as a line on the statement your tenants already receive, collected the way rent is collected today. NOI does not bill your tenants, does not hold their funds, and charges no billing or platform fee.
Per-unit metering by NOI
Every unit is individually metered. NOI reads the meters, validates the data and issues you a per-unit charge file each cycle.
One line on the AppFolio statement
The charge posts to the tenant ledger alongside rent — one statement, one payment, one collection process. Nothing new for your team to run or for tenants to sign up to.
You collect, you keep
Tenant payments land in your account through your existing AppFolio flow. No third party sits between you and the revenue, and no percentage is taken on the way through.
Live production monitoring
Production and per-unit consumption are visible in real time across every building. Whoever you appoint for O&M — NOI, another vendor or your own team — works from the same data.
Implementation Timeline
From signature to go-live, NOI runs the process end-to-end — about 23 weeks. The only steps that need your time are the first one and securing your loan, which runs in parallel with engineering.
Agreement
You sign the offer and NOI confirms scope, programme and pricing.
Design & engineering
Final array design, structural and electrical engineering, utility paperwork. Final numbers can move here and you review before the final agreement.
Your loan closes
You finance through your own lender. NOI supplies the engineering package, production model and O&M terms your credit team will ask for. The roof quote should be firm before this closes.
Permits & interconnection
NOI files building permits and the interconnection application. The longest wait, and out of everyone's hands once filed.
Equipment
Modules, inverters, racking, storage and any EV charging procured and staged.
Installation
NOI and its partners install and commission — no construction management on your end. Roof work, if included, is sequenced ahead of the array.
Metering & enrollment
Every unit is metered, tenants are enrolled, billing is configured.
Go live & handover
The system energises and revenue begins. NOI hands over the system, the monitoring access and the metering feed. Ongoing O&M runs under whatever arrangement you choose.
Terms & Disclaimers
- This document is an interactive model. Every figure moves with the controls in the scenario panel and reflects the settings in place when you read it — it is not a fixed price. The settings you agree are recorded alongside signature.
- The 6.75% APR is your target, not a commitment. Terms come from your lender. NOI does not arrange or guarantee this financing.
- The roof replacement figure is an allowance, not a quote, based on $490 per roofing square. A firm roofing contractor quote is required before the loan closes and will change the totals.
- Roof replacement that is necessary in order to install the solar qualifies for the ITC benefit as well as depreciation — please consult your tax advisor. This quote prices a single package and does not differentiate roof from solar.
- Tax credits and depreciation are estimates — confirm with your CPA. NOI is not a tax advisor.
- Production figures are modelled estimates from NREL PVWatts, not guarantees.
- EV charger economics assume the NOI lease rate of $10/charger/month and the tenant fee you set. Utilisation risk sits with the owner.
- All arrays are subject to site survey. Final engineering may change system size and cost.
- Offer valid 30 days from August 19, 2026.
By signing you acknowledge this proposal and its disclaimers, and the scenario settings recorded alongside it.