Kokes Properties
Portfolio Energy Program
Solar + battery as standard on every unit across three New Jersey communities — 356 units — with optional EV charging. Kokes owns the systems, claims the tax credits, and earns the spread at utility-parity resident pricing. Zero capital required. Figures below at the 40% ITC (30% federal + 10% low-income bonus).
Explore each community — site analysis & financials
Battery is standard (a shared common-battery plant bundled with rooftop solar on every unit, blended ~$10,000/unit), not a paid add-on. Resident pricing is set at utility parity by bedroom. EV charging remains optional (35% uptake modeled). Figures use the 40% ITC (30% base + 10% low-income/LMI bonus); the 30% base is the conservative floor. A further 10% domestic-content bonus for U.S.-manufactured equipment can lift the ITC up to 50% in some cases (not modeled). Because the shared-battery configuration keeps the install at $10,000/unit, the portfolio is cash-flow positive from month one — even before credits land. Under OBBBA the systems must be placed in service by December 31, 2027 to claim the ITC — NOI's ~5-month build timeline makes a 2026 signature comfortable, but the buffer shrinks monthly.
How it works — in plain English
Across all three communities — 356 units — Kokes Properties buys a complete solar-plus-battery system (building-rooftop solar plus shared common battery storage, allocated per unit) and pays for it over 25 years, like a mortgage on the equipment. Because Kokes owns it, the federal government returns large tax credits — 40% ITC with the low-income (LMI) bonus — which Kokes applies to the loan to cut the real monthly cost. Residents pay about what they pay the utility today, for clean power, battery backup, and a locked rate. Kokes keeps the spread. The transaction is structured as a capital lease — Kokes holds the systems as owner for tax purposes (which is what unlocks the ITC and MACRS) and pays NOI fixed monthly lease payments over 25 years. EV charging is offered as an optional add-on.
The numbers — 356 units, solar + battery standard, 40% ITC
The money Kokes gets back — Year 1 (40% ITC)
Base case shown at the 40% ITC (30% federal + 10% low-income/LMI bonus). Systems financed at 8.99% over 25 years on the full $3,870,000 cost; ITC and MACRS (21% corporate tax, 100% bonus) are returned ~18 months after install and applied to reduce the loans. If the LMI Treasury allocation isn't secured, the 30% base ITC ($1,161,000) applies and the all-in cost rises to ~$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 that meets FEOC sourcing — so in some cases the ITC reaches up to 50%; this model stays conservative at 40%. Under the One Big Beautiful Bill Act, projects beginning construction after July 4, 2026 must be placed in service by December 31, 2027 to claim the ITC — NOI's ~5-month build timeline keeps a 2026 signature comfortably inside the window. SREC-II income under New Jersey's SuSI program (~$85/MWh for 15 years) is modeled as a separate income stream — it is production-based, so it is paid regardless of occupancy; the incentive value is set at registration. The resident-NOI figures assume full occupancy: at 95% occupancy portfolio resident NOI is $353,283, at 90% $325,362 (see sensitivity in the Executive Summary). Consult your accountant — NOI is not a tax advisory service.
Occupancy sensitivity — disclosed and stress-tested
Resident-paid solar revenue scales with occupancy; the NOI loan payment does not. The base case models full occupancy. The table below stress-tests the portfolio at 95% and 90% occupancy. Two structural buffers: SREC-II income is production-based — the state pays on kWh generated, occupied or not — and the program stays strongly cash-flow positive even at 90%.
| Occupancy | Resident NOI / yr | SREC-II / yr (unchanged) | Total Year-1 income |
|---|---|---|---|
| 100% (base case) | $381,204 | $113,476 | $494,680 |
| 95% occupancy | $353,283 | $113,476 | $466,759 |
| 90% occupancy | $325,362 | $113,476 | $438,838 |
Kokes Properties can generate $494,680 in Year-1 income — $381,204 of resident-paid NOI plus $113,476/yr of state SREC-II payments for 15 years — across three New Jersey communities through a solar-plus-battery program — standard on every unit — with optional EV charging, zero upfront investment and zero operational risk. Kokes 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 the utility, but get clean power, battery backup and a locked rate; Kokes keeps the difference. Over 25 years the program creates ~$21.95M in value — $13.90M cumulative resident NOI, $1.70M of SREC-II income, and $6.35M of asset appreciation. Three communities selected as a representative pilot across the Kokes New Jersey portfolio: the program scales across the full footprint on the same per-unit economics — and can be designed into future Kokes developments from day one. Open each community above for its site analysis and financials.
Timing — the federal ITC window
NOI is a solar income platform built for residential real estate operators — turning rooftops into recurring revenue streams across multifamily, SFR and BTR communities, with zero operational burden on the landlord.
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.
The Team
What NOI handles end-to-end
All solar modules are BloombergNEF Tier 1 rated — the industry gold standard for bankability, manufacturing scale, and long-term reliability. Rooftop solar and a shared common-battery plant are installed as standard, serving every unit. The base 30% ITC can be increased by two 10% bonus adders — a low-income community (LMI) bonus and a domestic-content bonus for U.S.-manufactured equipment that meets FEOC sourcing — so in some cases the ITC reaches up to 50%. This proposal models a conservative 40% (30% base + LMI).
☀️ Solar Array
| Component | Spec | Origin | Rating |
|---|---|---|---|
| Solar modules | SEG Solar 420W · ~3 kW allocation per unit | 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 (shared common plant, standard)
⚡ EV Charger — EcoFlow Level 2 Smart Charger (optional)
What residents get — across every community
Every unit gets a solar allocation and battery backup as standard. Residents pay about what they pay the local utility today — but now for clean power, battery backup during outages, and a rate locked under the community's control. EV charging is available as an option. It fits the Kokes commitment to quality and doing what is right: one simple charge, no utility enrollment, no rate surprises.
A rooftop-solar allocation plus shared EcoFlow PowerOcean battery storage, serving every unit. The resident pays a fixed community fee at about their current utility bill, but gets battery backup and a locked rate.
A Level 2 charger in the community parking area, charging overnight from rooftop solar — at a fraction of public charging costs. The one optional upgrade.
A representative resident bill — New Jersey two-bedroom (PSE&G)
Below is a representative New Jersey two-bedroom electric bill (~750 kWh). Today the resident pays the utility a fixed customer charge plus a usage charge. With a rooftop-solar allocation + battery, the unit draws most of its power from solar — so the usage charge is replaced by a single solar charge to the community, while the resident keeps full grid access for backup. Figures are representative; Kokes can supply an actual resident bill per community and we will set true parity.
Water, trash and every other charge are unchanged — only the electricity supply changes. The resident pays the community for solar instead of paying the utility for usage, and keeps the small fixed connection fee.
The unit stays connected to the local utility (PSE&G or Atlantic City Electric by community). The resident keeps full backup access to the grid and pays the utility's small fixed connection fee (~$10–14/mo). Because the rooftop solar and battery produce most of the unit's electricity, the resident draws little from the grid, so the utility's usage charge is replaced by one solar charge from the community. On cloudy stretches or peak demand, the unit pulls from the grid automatically, exactly as before.
NOI’s all-in cost to Kokes is ~$38/unit/month. You set the resident’s solar rate by bedroom — anything above ~$38 is your margin. The financial model uses parity estimates of $95 (1BR), $125 (2BR) and $150 (3BR); the actual rate is yours to set against each community’s real resident bills.
Greatweek is NOI's separate, in-house billing platform (greatweek.com). Kokes Properties can use Greatweek to manage the energy program in one place — or keep everything inside its existing Entrata resident portals and handle energy as a line item. Energy billing, rent collection, tenant communication, collection reminders, payouts, and solar production monitoring are all integrated. Kokes is not required to use the platform, but it eliminates manual reconciliation — especially given the platform is directly integrated with the EcoFlow inverters and battery systems.
- Program scope
- 356 units across 3 New Jersey communities (The Mill at Riverside, The Enclave at Winslow, The Hamlet at Bear Creek)
- Ownership
- Kokes 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 battery on every unit (blended ~$10,000/unit); EV optional
- Resident pricing
- Utility parity (~$95–150/mo by bedroom); up to 3% annual escalator
- NOI all-in cost to Kokes
- ~$38/unit/month at 40% ITC (~$47 at 30% floor)
- Platform / service fee
- $0 if Kokes self-bills — Kokes keeps the full spread
- SREC-II (NJ SuSI)
- $113,476/yr for 15 years (~$1.70M) — production-based, paid at any occupancy; value set at registration
- Occupancy assumption
- Full occupancy modeled; at 95% resident NOI is $353,283/yr, at 90% $325,362/yr
- Combined annual NOI
- $381,204 resident NOI + $113,476 SREC-II = $494,680 Year-1 income · asset lift +$6.35M @ 6% cap · ~$21.95M 25-yr value
- ITC
- $1,548,000 (40% with LMI) · $1,161,000 at 30% base floor · up to 50% with LMI + domestic-content adders
- ITC placed-in-service deadline
- December 31, 2027 (OBBBA) — systems must be installed, interconnected and producing by this date. NOI build timeline ~5 months from signature; a 2026 construction start also locks the easier 2026 FEOC domestic-content thresholds (50% vs 55% in 2027)
- Exclusivity window
- 90 days from signing
- Offer valid until
- July 31, 2026
Per-community schedule (40% ITC base case)
| Community | Units | Utility | Resident charge (blended) | System cost | ITC (40%) | Annual NOI | SREC-II / yr |
|---|---|---|---|---|---|---|---|
| The Mill at Riverside | 190 | PSE&G | ~$110/mo | $2,065,000 | $826,000 | $187,920 | $60,563 |
| The Enclave at Winslow | 105 | Atlantic City Electric | ~$136/mo | $1,142,500 | $457,000 | $136,440 | $33,469 |
| The Hamlet at Bear Creek | 61 | PSE&G | ~$105/mo | $662,500 | $265,000 | $56,844 | $19,444 |
| Portfolio total | 356 | — | parity | $3,870,000 | $1,548,000 | $381,204 | $113,476 |
Buy-Out, Transfer & End-of-Lease Options
At any point after Year 5, Kokes can buy out a lease at fair market value and assume full ownership.
On sale, a lease transfers to the incoming owner for the remainder of the term — seamless, no revenue disruption.
Extend at reduced cost, upgrade to new equipment with a fresh lease, or take full unencumbered ownership. Panels expected to produce ≥80% capacity well beyond year 25.
By executing below, Kokes Properties authorizes NOI to proceed with site survey, system design, capital-lease structuring, and permitting across the three communities. Unit counts, unit mixes and parity charges shown are estimates from public listing data and market rates; final figures are confirmed against Kokes's rent roll and actual resident bills at survey.
Offer valid through July 31, 2026 · Questions? joinnoi.com