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Dryad

Constructing a Model to Identify Markets for Rooftop Solar on Multifamily Housing

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May 15, 2024 version files 13.04 MB

Abstract

As the renewable energy transition accelerates, housing, due to its high energy demand, can play a critical role in the clean energy shift. Specifically, multifamily housing provides a unique opportunity for solar photovoltaic (PV) system adoption, given the existing competing interests between landlords and tenants which has historically slowed this transition. To address this transition gap, this project identified and ranked Metropolitan Statistical Areas (MSAs) in the United States for ZNE Capital (the client) to acquire multifamily housing to install solar PV systems. The group identified seven criteria to determine favorable markets for rooftop solar PV on multifamily housing: landlord policy favorability, real estate market potential, CO2 abatement potential, electricity generation potential, solar installation internal rate of return, climate risk avoidance, and health costs associated with primary air pollutants. A total investment favorability score is calculated based on criteria importance assigned by the user.  Investment favorability scores were investigated for different preferences to demonstrate the robustness and generalizability of the framework. The data analysis and criteria calculations were conducted using RStudio, ultimately to provide reproducible code to be used for future projects. The results are presented in a ranked list from best to worst metro areas to invest in. Future studies can utilize the reproducible code to inform decisions on where to invest in solar PV on multifamily housing anywhere in the United States by changing weights within the model depending on preferences.