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    Commercial rooftop solar on a low-rise multi-tenant building
    Case Study · Commercial Solar + Storage

    Five meters, one system, $80,532 a year back to NOI.

    A commercial solar brief for owners of multi-tenant properties. When five meters each send money to the utility every month, one aggregated solar and battery system can turn that spend into income and asset value.

    200 KW SOLAR · 300 KWH BATTERY · 5 METERS · $8,617 TO $1,906/MO · $672,000 TAX SHIELD · ~20% IRR · 
    200 KW SOLAR · 300 KWH BATTERY · 5 METERS · $8,617 TO $1,906/MO · $672,000 TAX SHIELD · ~20% IRR · 

    A five-meter commercial property in Tracy was paying a blended $8,617 a month to PG&E. GBS delivered a 200 kW solar system paired with 300 kWh of battery storage and demand management, aggregated across all five meters. The utility bill drops to about $1,906 a month, an $80,532 annual saving kept at the property as new net operating income. The system is financed with a 20-year equipment loan secured by the equipment itself, with no lien on the real estate.

    Real results from a recent GBS client

    200 kW solar + 300 kWh battery, 5-meter commercial property

    $6,711/mo
    Monthly utility savings ($8,617 down to $1,906)
    $80,532/yr
    Annual NOI increase
    $672,000
    Tax shield (ITC plus depreciation)
    $1.34M
    Asset value created at a 6% cap rate
    ~20%
    IRR, with a 5-year payback
    $6.17M
    30-year avoided utility cost

    Why it matters

    →Increase NOI. $80,532 a year stays at the property instead of going to the utility.
    →Raise asset value. At a 6% cap rate, that income adds about $1.34M in value.
    →No lien on the building. The equipment secures the loan, not the real estate.
    →Tax benefits cover the system. The $672,000 shield exceeds the cost of the payment gap many times over.
    →Cash-flow positive around Year 3. Rising utility rates close the small monthly gap on their own.
    →Refinance option. The NOI lift supports roughly $939,540 in borrowing capacity at 70% LTV.

    System and cost

    • 200 kW DC solar, aggregated across five metered facilities
    • 300 kWh battery storage with demand management
    • Total system cost: $1,099,350
    • Net cost after tax shield: $427,350
    • Utility: PG&E, Tracy

    Financing flexibility

    • 20-year equipment loan at 5.75%: $8,352/month
    • New utility bill after solar: $1,906/month
    • Total monthly outflow: $10,258/month
    • Old utility bill: $8,617/month
    • Net increase in year one: $1,641/month, closed by rising utility rates around Year 3

    Turnkey delivery

    1Sign Letter of Intent
    2Issue engineering deposit
    3Site survey by GBS
    4Proposal issued and executed
    5Loan initiated (if applicable)
    6Engineering and permit package completed
    7City review and revisions
    8Funding
    9Project construction begins

    GBS is not a licensed tax or financial advisor. Figures reflect a specific completed project; lifetime savings use the project's engineering model and will vary by property, system and incentive eligibility. Review the financial model with your CPA or financial counsel.

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    Let's model your properties.

    Whether you manage assets for a REIT, family office, or owner group, or own them directly, GBS can deliver a customized feasibility analysis and tax-benefit forecast. Solar is not a liability, it's a strategic asset.

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