Most likely, you are a landlord who is looking to increase the rentability of your rental properties. Solar panels are a fantastic option!
A rental property can benefit greatly from solar panels. Red Solar Boca Raton FL team explains why. Let’s go!
What are the advantages of solar power for rental properties?
To attract more tenants to your rental property, solar panels can be installed to save you money over the long-term.
These are the top solar benefits.
- Tenants can help reduce or eliminate their eclectic bills (What a perk!
- To reduce operating costs, your tenant will have their electricity bill included in their rent payment
- Electricity costs can be offset by common areas
- Tenants may be eligible for a higher rent per month if they are tenants
- Renting a property can help reduce your carbon footprint.
- Attract higher quality tenants
- Increase the value of your property
- Quality tax credits and solar incentives of high quality
Let’s look at some of these!
Tax Credits
If you have a solar-powered panel on your investment property, you may be eligible to receive the Investment Tax Credit, ITC, or other federal tax benefits.
Increase property value
Solar panels are a great investment or rental property asset. They can increase the property’s value. An energy-efficient feature in a rental can help you charge higher rents or attract more tenants. If you have an energy-efficient feature installed in your rental, it may allow tenants to charge more rent or attract better tenants.
To cover the cost of installing solar panels, you can increase rent. If you decide to sell your rental property later, the solar system will make it more attractive to potential buyers.
Energy Efficiency
It is amazing to not have to pay for public utilities. Solar power is more reliable than traditional power and can result in higher annual savings. This is especially true in states like Florida that receive a lot of sunlight.
Environmentally friendly
Solar panels will not only bring financial benefits, but they also help to reduce our dependence upon fossil fuels. Solar power reduces carbon emissions and preserves the environment for future generations.
Are you a good candidate for solar panels in your rental property?
Before installing solar panels, property owners need to determine whether their property is suitable. While most Florida properties are suitable due to the sun, there are still some things you should consider.
To get maximum benefits, solar panels should be installed on a roof that faces south at a 30-degree angle. It doesn’t matter if your roof faces east, west or south; it will still generate enough energy. Special brackets will be needed to determine the optimal angle for flat roofs.
It can be difficult to generate solar energy in properties that face north or are surrounded by trees or other structures.
Installing solar panels on rental properties can be expensive.
Solar panels need to be maintained in order to reap the full benefits.
- Your utility company will charge a monthly connection fee, which can cost between $20-40 per month
- If you finance solar panels, the monthly payment must be included in your rent. Solar panels can be used to justify higher rent. You can generate significant cash flow from your rental properties once they have been paid off.
Solar Panels for Investment Property
Red Solar offers solar panel installation services to rental and investment properties. You can achieve energy independence, increase property value, and higher rent payments from tenants.
This post was written by a professional at Red Solar. Red Solar was started with the mindset of renewable energy being the future. We want everyone to travel through this transition. We can all agree that solar is the best way to reduce your carbon footprint, but it’s not the only way. During a Red Solar energy evaluation, all energy commons in your home will be analyzed for results. Our expert technicians will guide you through the process for better understanding and reassurance. Looking for the best solar panel installation Palm Beach County? Then contact us for more information today!