Reflective Paint

Hello,
Does reflective paint really work for keeping inside temps down in the summer?
I own a townhouse in a 20-unit complex in Campbell, CA and we are thinking of getting the roof done with this reflective paint in order to keep the units cooler during summer. They are 3-story units, so the top level gets really warm on even middling-hot summer days (say, 85 degrees).
The property manager has a quote from a contractor for $12K to do the whole place, but I'm wondering if the cost is really worth it, considering we live in a fairly mild climate.
Thanks for any information. Bill Forsythe
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Bill Forsythe wrote:

What color is the roof now? Ask about the reflectivity of it vs the proposed paint...any paint or color (white, eg) that reflects more light will also reflect more heat. A good white will reflect around 90% vs black at maybe 5% or less.
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