Matter Solar Energy so landlords can make money?

Hey All,

I got a cold call from a company called I/I Matter that sells solar panels to landlords.
They reckon I could make an extra $15/week as we are essentially selling the energy to the tenants and cutting out the electricity company. They have a "smart" box that can calculate energy cost and usage.
I called my property manager and they confirmed that they were a legit company they are partnering with.

Anyone have any experience with them or has gone through with the plan?
I wonder what happens if they go bust?

https://www.youtube.com/watch?v=OLw2ex-dJME&feature=youtu.be
Matter lets you sell solar power to your tenant.

 

Wooohoooo. It'll pay for half of my weekly coffee (before tax).

 

The feed in tariff probably ceases and the device may be incompatible with another provider.

 

I went ahead with it and spent $6200 on an install.

Business case they did ended up being solid. Uses actual data from tenants power usage. If numbers don’t stack up - no commitment. If energy company rejects feedin tariff application you don’t get it installed if you don’t want to. 7c feedin for me.

I get about $105 a month.

You organise your own installer and pay separately. Or they can link you up. I got my own 3 quotes and did due diligence.

They do agreements with you and tenant.

If they go under, you own the panels anyway. You could just up the rent $20 a week or something.

Happy to share more if needed. Good return from a $6k investment. Higher returns if power prices increase.

Tenants save 20%. What’s not to like

 

Last six months

 

Website has the details if you want more info. You pay $9.90 a month for the billing priviledge.

Sorry for three posts when one would have done but I can’t edit the previous.
Note- no affiliation or payment given to me by matter. Just a happy customer.

 

What stop tenant from saying they want to use XYZ for their power ? New tenant says no ?

 

Tenant can, and must, have their own power company. Solar doesn’t work at night obviously.

If they don’t want 20% cheaper power, yes, that would be a risk to me. I can choose tenants as suitable or not though and if one doesn’t want the service, they I suspect they wouldn’t get chosen - other factors being equal of course.

 

I can imagine eviction of a tenant who changes their mind may be a problem. Imagine how that may appear in a tribunal....Third line forcing may be unconscionable consumer law conduct.

Unless you derive a undeclared personal benefit why would you care who they use ?

 

I don't know the specifics of the arrangement, but it sounds like a legal nightmare and not worth the extra few bucks a week.

I remember advising a tenant on a similar sounding case where the LL was basically getting the benefit of the solar panels, and the tenant wanted to know if they were getting ripped off.

From what I could tell, because the arrangement wasn't set up properly legally, the tenant was probably entitled to the benefit of the panels and therefore had a claim on all the 'profit' to the owner.

 

You don’t care who they use as I said. They aren’t forced to use the solar and can totally elect not to.

The risk does exist that an exisiting tenant does indeed do that. That is, if they don’t want 20% cheaper power than provided by their other power company.

Thatbum - that sounds like the rebate scheme 5 years ago where the LL paid electricity and wanted to claim full feedin tariffs.

 

Yes probably - and its different in each state as well. But I think some of the legal risks would be similar. You will need some special clauses in any prospective lease I imagine.

 

Nah. Lease details was separate to Matter solar agreement that solar and the tenant had setup. I didn’t even sight or sign that. My agreement is with solar.

 

Ultimately one could get solar themselves and raise the rent accordingly and we wouldn’t be talking about it.

There’s no silver bullet millionaire strategy so i thought I’d share 6 months in, its looking okay for me.

I have no affiliation nor regrets. I anticipate a return of 25% from my investment.

Tenant gets 20% cheaper daytime power, soon an option for flat unlimited $25/month power by day, and get however much of the feed tariff you want to give as a kicker.

Make your own decisions and good luck for all with your property investments

 

Except you're using the tenant's property (as it is during a lease) to make the money. I think you should probably get some legal advice on this, although I can appreciate its probably not worth it - hence my original comment.

 

Whats a good value size solar system to add to a 180sqm townhouse that will decent enough to attract tenants and not overcapitalise? Something that i can set and forget and not upgrade every few years. ie. Is a 3kw invertor with 3kw panels be enough ? Any recommended brands?

 

Property size alone isnt a reliable indicator of solar requirements. How much consumption needs to be met ? A property with a ducted AC system and two fridges, pool and loads of lights will be different to a granny flat with no AC.

calculator here : Solar system size guide and calculator