In our recent post on where commercial solar still makes sense without the ITC, we showed that strong fundamentals — high electricity prices, good policy, and great solar resource — are enough to make projects pencil without relying on federal incentives.

Today, we’re zooming in on another revenue driver for commercial real estate owners that often goes overlooked: community solar (CS) leases. These aren’t just “green” initiatives; they’re pure NOI plays. As our CEO Kevin Berkemeyer wrote in Solar is Not About ESG — It’s About Real NOI, the numbers here speak for themselves.

⚠️ Time-Sensitive Opportunity
With the recent OB3 ruling and updated Treasury guidance, the clock is running out to fully capture today’s community solar lease rates and secure the Investment Tax Credit (ITC) on qualifying projects.
For projects greater than 1.5 MW-ac, we recommend listing your project on the Station A Marketplace by September 22, 2025, with the goal of signing at least an NOI by November 1, 2025 to maximize your economics. 

🏢 Why Community Solar Works for CRE

Community solar allows subscribers — households or businesses — to benefit from solar without installing it on their own property. Developers need large, flat roofs near their subscriber base, and commercial buildings often fit the bill. For building owners, that translates to:

  • No capital expense — the developer funds and installs the system.

  • Fixed, predictable income — leases often run 15–25 years.

  • Zero operational impact — systems operate independently of building power use.

💵 Marketplace Lease Rates and Financial Impact

From recent Station A Marketplace activity, here’s what we’ve seen developers bid in some of the most competitive, community solar–friendly territories — and what that could mean for your NOI and property valuation. The map below shows the max bid rates observed in each territory:

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Using these rates and assuming 100,000 ft² per MW (DC) and a 100,000 ft² building, here’s the potential NOI and value impact:

Station A Blog Images (5)

📈 Why This Matters for CRE Owners

These lease values represent real, recurring NOI that can meaningfully move asset valuations. For example, a $80,000 increase in annual NOI (as in ComEd or PECO territories) translates to roughly $1.3 million in added property value at a 6% cap rate for a single 100,000 ft² roof. In PSEG or Con Edison territory where we have seen the highest lease rates, that uplift could exceed $2.0 million.

🗺️ Where the Opportunity Is Greatest

The highest-value lease rates occur where:

  • State or utility programs actively support community solar (or shared solar).

  • Subscriber demand is high and developers are competing for space.

  • Interconnection and billing structures make rooftop projects viable.

These market conditions overlap heavily with the high-cost, strong-policy regions we mapped in our ITC-free solar analysis. In other words: the same fundamentals that make self-generation profitable also make third-party leases valuable.

🚀 How to Capture the Value — and Maximize It

Station A makes it simple for CRE owners to participate:

  1. Assess feasibility — We check roof suitability and estimate capacity.

  2. Run competitive bidding — Vetted developers compete for your rooftop rights.

  3. Support execution — From reviewing lease terms to ensuring timely installation.

Even with the new BBB guidelines reshaping ITC eligibility, there are still providers in the Station A network who can capture the full ITC on qualifying projects. By pairing your property with an ITC-capable developer, we can help you maximize lease rates and secure the strongest possible long-term economics.

Talk to us

Note: Marketplace rates vary by project, timing, and developer interest. Station A connects you with competitive bids but can’t guarantee a specific lease rate.