When there’s a virtual cycle it looks like this …
I am a small rental property owner. I fell behind on my property taxes when the market declined. With interest and penalties, I was about to let the properties go. When the market rapidly improved, I raised rents to full market rates. I had congenial, you might say personal relationships with the people renting from me, so I felt bad about raising their rent. Of course, even if you do not know someone well, you can imagine what it means to someone’s family to get hit with a rent increase.
I looked into installing solar panels as a means of reducing their utility bills. When I understood the numbers I realized that due to the significant tax incentives, I could actually generate disbursements of cash to the people renting from me and lower their electric bills.
I realized that this benefit could be created not just for my tenants, but for anyone, anywhere who is renting an apartment.
I realized something this: as we transition to clean energy, we can create supplemental income for working families.
The faster we transition the greater the benefit created. And the greater the benefit, the faster we can transition.