Prepared for Gazebo Apartments ownership · 524 S. Carroll Blvd, Denton TX · 144 units
gazebodenton.comDenton Municipal Electricnoisun.comus.ecoflow.com
01Executive Summary — The Opportunity⌄
How it works — in plain English
Across all 144 units at Gazebo Apartments, ownership buys a complete solar + shared-battery system (building-rooftop solar plus shared/common battery storage, allocated per unit) and pays for it over 25 years. Because Gazebo owns it, the federal government returns large tax credits — 40% ITC with the low-income (LMI) bonus — applied to the loan to cut the real monthly cost. Residents pay about what they pay Denton Municipal Electric today, now for clean power, battery backup, and a locked rate. Gazebo keeps the spread, structured as a capital lease so Gazebo holds the systems as owner for tax purposes. EV charging is an optional add-on.
1
NOI builds and finances solar + battery — Gazebo carries the loan
NOI designs, finances, installs and maintains a complete solar + shared-battery system across the property, with EV charging optional. Gazebo takes the loan obligation to NOI; over the term the project is net positive and materially increases asset value.
2
Gazebo buys the systems and pays over 25 years
The combined system costs $1.57M — a blended $10,000 per unit for solar plus a shared/common battery (smaller 1-bedrooms less, larger 2-bedrooms more), plus EV on opted-in units — financed at 8.99% over 25 years. At full sticker that is ~$90/unit/month before credits.
3
Because Gazebo owns it, the IRS returns about $955K
Gazebo qualifies for the 40% ITC (30% base + 10% LMI) — $626,000 — plus accelerated depreciation (MACRS) worth $328,650: $954,650 returned in Year 1, ~18 months after install. If the LMI allocation isn't secured, the 30% base ITC ($469,500) is the conservative floor.
4
Gazebo applies that money to the loan — and the real cost drops
Applied to the NOI loan, the credits cut the all-in cost from ~$90 to about $38 per unit per month at the 40% ITC — the true ongoing cost, locked for 25 years (~$47 at the 30% floor).
5
Residents pay about their old bill — for a better product — and Gazebo keeps the difference
Residents pay roughly their current DME bill (1-bed ~$90, 2-bed ~$120), now with clean power, battery backup, and a locked rate. Net of Gazebo's ~$38 cost plus optional EV, that is $128,592 in new annual income, rising up to 3% per year.
The numbers — 144 units, solar + battery standard, 40% ITC
New annual NOI — Year 1
$128,592+
Solar + battery on all 144 units, plus optional EV. $0 upfront.
Capital required from Gazebo
$0
NOI provides all financing, equipment, installation & maintenance.
ITC tax credit — 40% (LMI)
$626K
40% of the $1.57M system ($470K at the 30% floor).
25-year net income
$4.69M
Solar + battery + optional EV across 144 units · growing ~3%/yr.
Asset value lift
+$2.14M
At 6% cap rate on Year 1 NOI.
25-yr value created
$6.83M
Cumulative NOI ($4.69M) + asset lift ($2.14M).
The money Gazebo gets back — Year 1 (40% ITC)
40% ITC (with LMI)
$626,000
40% of the $1,565,000 system · $469,500 at the 30% floor.
Applied to the loan, this cuts the real cost from ~$90 to ~$38/unit.
Base case at the 40% ITC (30% federal + 10% LMI bonus). System financed at 8.99% over 25 years on the full $1,565,000; ITC and MACRS (21% corporate tax, 100% bonus) return ~18 months after install and reduce the loan. At the 30% base ITC ($469,500) the all-in cost rises to ~$47/unit. A 10% domestic-content adder can apply on top, lifting the ITC up to 50% in some cases — this model stays conservative at 40%. Construction must begin by July 4, 2026 to lock the ITC under the One Big Beautiful Bill Act. Consult your accountant — NOI is not a tax advisory service.
What this program is
Gazebo Apartments can generate $128,592+ in new annual NOI through a solar-plus-battery program — standard on every unit — with optional EV charging, zero upfront investment and zero operational risk. Gazebo owns the systems (financed by NOI over 25 years), and at the 40% ITC the federal credits bring the real running cost to roughly $38/unit/month. Residents pay about what they already pay Denton Municipal Electric, but get clean power, battery backup and a locked rate; Gazebo keeps the difference. Over 25 years the program creates ~$6.83M in value — $4.69M cumulative NOI plus $2.14M of asset appreciation.
02About NOI⌄
NOI is a solar income platform built for residential real estate operators — turning rooftops into recurring revenue streams across SFR and BTR communities, with zero operational burden on the landlord.
Built by operators who lived the rooftop problem
Before NOI, our founders spent years inside real estate portfolios and energy companies across the US. They saw the same pattern at every multifamily, BTR, and HOA property: rooftops sitting idle while energy bills kept climbing for tenants and owners alike. Solar was the obvious answer — but the existing model was broken. They decided enough was enough.
50
States covered
$0
Capex for owners
25 yr
Revenue contract
2021
Founded
The Team
DB
Daniel Bessmert
Partner
Daniel has 20+ years of experience at companies including Citibank, Visa, and PayPal. He has also built and scaled several fintech ventures and leads NOI's banking, lending, and payments infrastructure.
Dan has built multiple solar and energy-efficiency companies across the U.S. and has decades of experience in real estate operations. He specializes in turning underutilized rooftops into new NOI for property owners and HOAs. Dan oversees project design, implementation, and ongoing service, and manages our hardware partners and installer network.
Works directly with multifamily owners, developers, and HOA boards to scope NOI's solar revenue program — from initial roof analysis through to installation and billing go-live. Margo is your point of contact throughout the project rollout.
NOI sources and structures the lease at 8.99% through institutional partners. No debt on Gazebo's balance sheet.
🔧
Full installation
Licensed, bonded crews handle design, permitting, installation, commissioning, and all HOA coordination.
📱
Tenant billing
Residents pay a flat solar fee below their utility bill. NOI invoices, collects, and remits revenue monthly.
📡
24/7 monitoring
Production monitoring, maintenance dispatch, warranty management, and annual performance reporting.
🏠
Unified rent platform
Consolidate rent, solar, battery, and EV billing — one statement to residents, one dashboard for your team.
🏦
Gazebo owns the assets
Unlike third-party leases, Gazebo retains asset ownership and can claim the 30% Investment Tax Credit — $370,800 on this system.
03Community Profile & Solar Analysis⌄
Rooftop solar at Gazebo Apartments · 524 S. Carroll Blvd, Denton TX
Gazebo Apartments is a 144-unit, two-story garden-style community at 524 S. Carroll Blvd in Denton, Texas (built 1972, renovated). Floor plans run from a 600 sq ft junior one-bedroom (Laurel) and 640 sq ft one-bedroom (Juniper) to 805 sq ft two-bedroom layouts (Cypress and Oak), many with quartz counters, luxury-vinyl flooring and soft-close cabinets. Amenities include a pool, grill area, the namesake gazebo, on-site laundry, gated access and 24-hour video surveillance. The community sits two blocks from the University of North Texas and within walking distance of Denton Square — a strong, steady renter base. Residents pay their own electricity to Denton Municipal Electric (water, gas, trash and internet are bundled into the amenity fee), so the solar program targets exactly the bill residents already pay.
Community
Detail
Address
524 S. Carroll Blvd, Denton, TX 76201 · Denton County
Google Project Sunroof modeled the property and found 1,821 hours of usable sunlight per year and 14,140 sq ft of usable roof on the main building row alone (a tree-aware 3D model — the south-facing planes rate as fully sunny). That front row supports roughly 250 kW on its own; across all buildings the complex comfortably holds the program. Each unit carries a blended ~3 kW solar allocation (~432 kW total) plus shared/common battery storage (≈ $10,000/unit). Roof is not the limiting factor — system size is set by budget — with final roof-by-roof layout confirmed at survey under DME interconnection rules.
Solar metric
Gazebo Apartments
Usable sunlight — Google Project Sunroof
1,821 hrs/yr
Usable roof modeled (main building row)
14,140 sq ft
Total rooftop array (≈3 kW/unit, all buildings)
~432 kW
Estimated annual production
~669,600 kWh/yr
Solar + battery system cost
$1,440,000
EV charging (50 units)
$125,000
Total energy system
$1,565,000
Estimated solar allocation by floor plan — confirmed at survey
Unit type
Units
Est. solar + battery / unit
1-bedroom (Laurel 600 / Juniper 641 sqft · ≈3 kW)
≈84
$9,000–10,000 · resident ~$90
2-bedroom (Cypress / Oak 805 sqft · ≈3.5 kW)
≈60
$10,000–11,000 · resident ~$120
North Texas summer peaks and ERCOT grid strain make shared battery backup a genuine resident draw. Allocation and per-unit cost are illustrative and confirmed at site survey; the $1,440,000 total reflects the blended $10,000/unit.
04Equipment — Tier 1 & LMI-Eligible⌄
All solar modules are BloombergNEF Tier 1 rated — the industry gold standard for bankability, manufacturing scale, and long-term reliability. Solar and a wall-mounted battery are installed as standard on every home. The base 30% ITC can rise to 40% via the low-income community (LMI) bonus; the domestic-content adder is excluded because the EcoFlow battery does not currently meet FEOC sourcing rules.
☀️ Solar Array
Component
Spec
Origin
Rating
Solar modules
19 × SEG Solar 420W (7.98 kW)
U.S. — Houston, TX
BNEF Tier 1
Inverters
EcoFlow PowerOcean hybrid inverter
EcoFlow
97.8% peak efficiency
Racking
IronRidge XR100 rail system
U.S. — Hayward, CA
UL 2703 certified
Wiring & BOS
PV wire, combiners, disconnects
U.S. sourced
NEC 2023 compliant
🔋 Battery Storage — EcoFlow PowerOcean (standard on every home)
Installed in garage alongside EV charger
Wall-mounted · hard-wired · whole-home backup
Integrated with EcoFlow PowerOcean inverter
6–22 kWh
Usable storage
Whole-home backup
10 yr
Battery warranty
EcoFlow guaranteed
Wall-mounted
Hard-wired
Whole-home backup power
⚡ EV Charger — EcoFlow Level 2 Smart Charger
Wall-mounted Level 2 charger — charges overnight from rooftop solar
240V
Level 2 charging
Up to 11.5 kW output
Overnight
Full charge
Most EVs 20% → 100%
5 yr
Charger warranty
EcoFlow guaranteed
Tier 1
BNEF module rating
SEG Solar · Houston TX
25 yr
Panel warranty
≥85% output at year 25
40%
ITC eligible (with LMI)
30% base + 10% low-income adder
05Financial Model — NOI Uplift (40% ITC)⌄
Energy system cost — what it takes to install
A complete unit system is a rooftop-solar allocation plus battery storage: roughly a 3 kW solar allocation (~$7,500 at $2,500/kW) plus a shared/common battery allocation (~$2,500/unit) ≈ $10,000 per unit. EV charging adds $2,500 per opted-in unit. Across 144 units:
Component
Scope
Install cost
Solar + battery (standard, every unit)
144 units
$1,440,000
EV chargers (optional add-on)
50 units
$125,000
Total energy system
144 units
$1,565,000
Blended cost per unit (solar + battery)
—
$10,000
Per-unit cost by bedroom type — final sizing set at site survey
Unit type
Units
Est. solar + battery / unit
1-bedroom (Laurel 600 / Juniper 641 sqft · ≈3 kW)
≈84
$9,000–10,000 · resident ~$90
2-bedroom (Cypress / Oak 805 sqft · ≈3.5 kW)
≈60
$10,000–11,000 · resident ~$120
Systems are sized to each roof and load, so smaller units cost less: a 1-bedroom on a smaller allocation runs below the blended figure, while a 3-bedroom on a fuller allocation runs above it. The $1,440,000 total reflects the blended $10,000/unit; final per-unit pricing is confirmed at site survey. Solar is priced at $2,500/kW; shared battery storage is allocated across units, which lowers the per-unit cost.
Solar + Battery — standard on every unit
How the economics work
Solar and a wall-mounted battery are standard on all 144 units. At the 40% ITC (30% base + 10% low-income/LMI bonus) plus MACRS, Gazebo's all-in cost after credits is about $38/unit/month. You charge residents $102/unit — roughly their Denton Municipal Electric bill — and keep the full spread of ~$64/unit. EV charging is the only optional add-on (Part B). The 30% base ITC is the conservative floor if the LMI allocation is not secured.
Capital Flow — How Money Moves (144 units · solar+battery standard · 50 EV · 40% ITC)
When the real NOI begins — the 18-month tax-credit recoupment
The gross charge is before credits — the real NOI lands after
Residents pay ~$102/unit before any tax benefit. Gazebo finances the full system up front, so for roughly the first 18 months — until the ITC and MACRS are received — Gazebo carries the full payment (~$90/unit) and cashflow runs negative. At ~month 18 the $954,650 in credits (ITC $626,000 + MACRS $328,650) is recouped and applied to the loan, cutting Gazebo's cost to ~$38/unit. That is when the real NOI uplift begins.
⏳ Months 1–18 · before credits are recouped
Residents pay CC+$16,688/mo
CC pays NOI (full financing + O&M)−$14,023/mo
Net to Gazebo / month+$2,665/mo
CC fronts the J-curve while ITC + MACRS are pending~$90/unit cost
✅ Month 18 onward · credits recouped — the real NOI
Residents pay CC+$16,688/mo
CC pays NOI (post-credit financing + O&M)−$5,972/mo
Net to Gazebo / month+$10,716/mo
Real, ongoing NOI uplift — $128,592/yr, growing 3%/yr~$38/unit cost
The ~$2,665/mo drag over the first ~18 months (≈ $47,978 fronted) is recovered many times over by the $954,650 credit recoupment; thereafter the system produces the steady-state NOI shown throughout this section. MACRS depreciation is realized in the Year-1 tax filing; the ITC is typically received ~18 months post-install.
Per-unit economics — Solar + Battery (standard)
Monthly
Denton Municipal Electric avg bill
$102/month
Gazebo charges resident (gross, before credits)
$102/month
NOI cost to Gazebo — months 1–18 (full financing, pre-credit)
~$90/month
NOI cost to Gazebo — month 18+ (after 40% ITC + MACRS)
~$38/month
Resident outcome
Utility parity + backup + locked rate
Net to Gazebo / unit — steady state (post-credit)
+$64.00/month
+$2.14M
Property value uplift
At 6% cap rate · Year 1 total NOI
$4.69M
25-yr net income
Solar+battery + optional EV
EV charging — optional add-on
How the EV add-on works
Solar and battery are standard on every unit. EV charging is the one optional upgrade — Gazebo pays NOI ~$10/mo per charger (post-credit) and charges residents $40/mo; the spread flows to Gazebo at $0 upfront. Base case models 50 units (35% uptake).
Add-on
Equipment
CC pays NOI / mo
Gazebo charges resident / mo
Net to Gazebo / unit / mo
⚡ EV Charger (EcoFlow $2,500)
$0 upfront
~$10.00
$40.00
$30.00
25-year revenue to Gazebo — solar + battery + optional EV
Stream
Year 1
Year 5
Year 10
Year 25
Solar + battery (144 units)
$110,592
$124,472
$144,297
$224,811
EV charging (50 units · 35%)
$18,000
$20,259
$23,486
$36,590
Total net to Gazebo
$128,592
$144,731
$167,783
$261,401
Base case shown at 40% ITC (30% federal + 10% low-income/LMI bonus) on the $1,565,000 system = $626,000, plus MACRS $328,650. The 30% base ITC ($469,500) is the conservative floor (all-in cost ~$47/unit). Two 10% bonus adders can apply on top of the 30% base — the LMI bonus and a domestic-content bonus for U.S.-manufactured equipment meeting FEOC sourcing — so in some cases the ITC reaches up to 50%; this model stays conservative at 40%. Construction must begin by July 4, 2026 to lock the ITC.
06Tenant Experience — What Residents Get⌄
What residents get
Every unit gets a solar allocation and battery backup as standard. Residents pay about what they pay Denton Municipal Electric today — now for clean power, battery backup during outages, and a rate locked under the community's control. EV charging is available as an option.
☀🔋 Solar + Battery — standard on every unit
A rooftop-solar allocation plus shared/common EcoFlow battery storage serving the buildings. The resident pays a fixed community fee at about their current DME bill, but gets battery backup and a locked rate.
Denton Municipal Electric (before)~$90 1BR · ~$120 2BR
Community solar + battery fee~$90–120/mo
vs. utility≈ parity — same bill, far better product
🔒 Hard-Wired · Resilient · Standard
⚡Battery backup: keeps the unit powered automatically during ERCOT outages and Texas summer peaks.
✓Clean energy from the building's own rooftop solar
✓Rate locked under the community — protected from utility hikes
✓Simple billing — one monthly fee alongside rent
⚡ + EV charger (optional)
A Level 2 charger in the community lot, charging overnight from rooftop solar — at a fraction of public charging cost.
EV charger fee$40/mo
vs. public chargingSave $10–$40/mo
Powered byRooftop solar ☀️
✓Full charge overnight from ~20%
✓Solar-powered — charging from sunshine, not the grid
✓App-scheduled off-peak
✓Works with Tesla, Ford, GM, Rivian, Hyundai, all major brands
A representative resident bill — Denton Municipal Electric
A representative DME bill for a renovated one/two-bedroom unit (~900 kWh). With a rooftop-solar allocation + battery, the unit draws most of its power from solar, so the usage charge is replaced by one solar charge to the community while the resident keeps full grid access for backup. Figures are representative; Gazebo can supply an actual resident bill and we will set true parity.
Today — DME electric only
Customer / base charge$10.00
Electric usage — ~900 kWh$120.00
Electric total$130.00
With Solar + Battery (NOI)
DME base charge (grid stays connected)$10.00
Solar + battery — to the community$120.00
Electric total$130.00
Resident vs. utility≈ parity + backup
Residents keep the grid — they just use their own solar first
The unit stays connected to Denton Municipal Electric. The resident keeps full backup access to the grid and pays DME's small base charge. Because the rooftop solar and battery produce most of the unit's electricity, the resident draws little from the grid, so the utility usage charge is replaced by one solar charge from the community.
Setting the resident rate is Gazebo’s call
NOI’s all-in cost to Gazebo is ~$38/unit/month. You set the resident’s solar rate — anything above ~$38 is your margin. The model uses a blended at-parity charge of $102/unit; the actual rate is yours to set against residents’ real DME bills.
07NOI Billing Platform⌄
One platform for energy billing, rent collection, and tenant management
Greatweek is NOI's separate, in-house billing platform (greatweek.com). Gazebo Apartments can use Greatweek to manage the entire Gazebo Apartments portfolio in one place. Energy billing, rent collection, tenant communication, collection reminders, payouts, and solar production monitoring are all integrated. Gazebo is not required to use the platform, but it eliminates manual reconciliation and makes community management fully automated — especially given the platform is directly integrated with the EcoFlow inverters and battery systems.
⚡
Energy billing
Automated monthly invoices for solar, battery, and EV fees. Integrated directly with inverter data — charges reflect actual production.
🏠
Rent collection
Collect rent and energy fees on a single consolidated statement. One payment from each tenant covers everything.
💬
Tenant communication
In-app messaging for support requests, maintenance, and announcements. Automated collection reminders before and after due dates.
💳
Stripe-powered payments
Tenants pay by card, ACH bank transfer, or installment plans — all via Stripe. Fees apply per payment method. Funds flow directly to Gazebo.
⚙️
Optional — fully managed billing
Using the Greatweek platform to collect is optional. If Gazebo runs billing through NOI, the fee is 5% of collections (covering all Stripe processing). If Gazebo self-bills, there is no platform fee — Gazebo keeps the full spread shown in the financials.
📡
Inverter integration
Direct API sync with EcoFlow inverters and battery systems. Monitor production per home, flag underperformers, and track battery levels in real time.
📊
Revenue dashboard
Live view of total revenue, outstanding invoices, payout schedules, and community-wide energy production — all in one screen.
🔋 Battery backup active — whole-home power during outages
Powered by Stripe — Tenants may pay by card (Visa, Mastercard, Amex), ACH bank transfer, or spread payments across installments. Processing fees apply per method and are charged to the tenant at checkout.
💳 Payment options via Stripe
All tenant payments are processed through Stripe Connect — the same infrastructure used by Airbnb, Shopify, and Lyft. Tenants can pay by: Credit / debit card — instant, 2.9% + $0.30 fee ACH bank transfer — 1–3 days, lower fee Installments — split monthly bill into smaller payments Processing fees are passed to the tenant at checkout and do not affect Gazebo's NOI.
🔌 Platform is optional — but recommended
Gazebo is not required to use the Greatweek platform. You can use your existing property management software and handle energy billing separately.
However, the Greatweek platform is directly integrated with the EcoFlow inverters and battery systems, providing automated billing based on actual production data, real-time monitoring, and a unified experience for tenants — making community management significantly simpler and fully automated.
08Implementation Timeline⌄
1
Week 1–2
Agreement
Partnership agreement executed. Capital lease term sheet issued. NOI team mobilizes.
2
Week 2–3
Design
Drone aerial and site survey of all 46 rooftops. The 32 community townhomes use one standardized design; the 14 scattered single-family homes receive individual roof, shading, and tree assessments. Engineered plans shared with Gazebo for review.
3
Week 3–4
Permits
Building permits filed with the City of Denton and DME interconnection submitted. Utility interconnection submitted to Denton Municipal Electric (Denton Electric Authority). Homes flagged for tree removal are permitted once site work clears them.
4
Week 4–5
Tenant opt-in communication
NOI and Gazebo communicate to residents that the new energy system is being installed. Residents are given the option to add battery storage and/or EV charging at a small monthly fee. Opt-in window open for 3 weeks.
5
Month 2
Equipment
Panels, inverters, racking, opted-in batteries, and EV chargers ordered and delivered to Denton staging area.
6
Month 3–4
Installation
~12–15 homes per week. The 6 community buildings are installed first (standardized design, fastest rollout), followed by the qualified single-family homes. Solar, battery, and EV chargers installed simultaneously per opted-in home. Full portfolio completed within ~30 days. Add-ons can also be requested post-installation at any time.
7
Month 4
Go Live
All systems live. Tenant billing begins for solar, battery, and EV as applicable. First revenue remittance to Gazebo Apartments.
∞
Ongoing
Operations + rolling opt-ins
Monthly monitoring, maintenance, billing, and revenue distributions. New residents and existing tenants can opt into battery or EV add-ons at any time post-installation.
09Key Terms & Signature⌄
Program scope
144 units · Gazebo Apartments, 524 S. Carroll Blvd, Denton TX
Ownership
Gazebo owns the systems & claims ITC + MACRS
Capital required
$0 — financed, zero out-of-pocket
Financing rate
8.99% over 25 years — sourced by NOI
Standard offering
Solar + shared/common battery on every unit (blended ~$10,000/unit); EV optional
Resident pricing
1BR ~$90 · 2BR ~$120 (~$102 blended); up to 3% annual escalator
NOI all-in cost to Gazebo
~$38/unit/month at 40% ITC (~$47 at 30% floor)
Platform / service fee
$0 — Gazebo keeps the full spread
Annual NOI
$128,592 (40% ITC base case) · asset lift +$2.14M @ 6% cap · ~$6.83M 25-yr value
ITC
$626,000 (40% with LMI) · $469,500 at 30% base floor · up to 50% with adders
ITC construction deadline
July 4, 2026 (One Big Beautiful Bill Act)
Total energy system
$1,565,000 · net investment after credits ~$610,350
Exclusivity window
90 days from signing
Offer valid until
July 31, 2026
ITC & Tax Benefits: Pricing depends on Gazebo applying for the ITC and repaying it to NOI within 18 months of installation. As a capital-lease structure, Gazebo also benefits from MACRS depreciation. 40% ITC (with LMI): $626,000 · 30% base floor: $469,500 on the full installed system. The LMI adder requires a Treasury allocation application; a further 10% domestic-content adder can apply on top, lifting the ITC up to 50% in some cases (not modeled). Please consult your accountant — NOI is not a tax advisory service.
By executing below, Gazebo Apartments ownership authorizes NOI to proceed with site survey, system design, capital-lease structuring, and DME interconnection & permitting.
NOI Energy Services
Signature
Printed name & title
Date
noisun.com
Gazebo Apartments
Signature
Printed name & title
Date
gazebodenton.com
Offer valid through July 31, 2026 · Questions? noisun.com
