You are likely a landlord looking for ways to improve the profitability of your rental properties. Solar panels are a great option!
Solar panels can make a huge difference to a rental property. Red Solar in Boca Raton FL’s team explains how and why. Let’s go!
What are the benefits of going solar for rental properties?
Solar panels can be installed on rental properties to attract more tenants and save money in the long-term.
These are the top benefits of going solar.
- Tenants can reduce or eliminate their eclectic bills by helping them (What a perk! )
- Your tenant’s electricity bill will be included in their rent payment to reduce operating costs
- Common areas can offset electricity costs
- Tenants can get a higher monthly rent if they are tenants
- Reduce your carbon footprint when renting a property
- Attract better quality tenants
- Increase the value your property
- High quality for tax credits and solar incentives
Let’s talk about some of these!
Tax Credits
You may be eligible for the Investment Tax Credit, ITC or other federal tax benefits if you have a solar panel on your investment property.
Increase Property Valuation
Solar panels can be a great asset to a rental property or investment property. They increase the property’s overall value. A rental with an energy-efficient feature may allow you to charge more rent or attract better tenants. Your tenants may be able to charge higher rent or find better tenants if you have an energy-efficient feature in your rental.
You can charge more rent to cover the cost of installing a solar panel. The solar system will make your rental property more appealing to potential buyers if you sell it later.
Energy Efficiency
It’s amazing to be free from public utilities. Solar is more reliable and better for our environment than traditional power, which can lead to higher savings every year. This is especially true for states like Florida, where there is a lot of sunlight exposure.
Environmentally Friendly
A solar panel system will not only provide financial benefits but also reduce our dependence on fossil fuels. Solar power helps to reduce carbon emissions and ensures the sustainability of the environment for future generations.
Are You a Good Candidate for Solar Panels in Your Rental Property?
Before you start installing solar, property owners must determine if their property is suitable for it. Although most properties in Florida are suitable because of the sunshine we get here in Florida, there are still many things to consider.
The solar panels should be placed on a roof facing south at a 30-degree angle to get the maximum benefit. You don’t have to worry if your roof faces east or west, it will still produce enough energy. We will need to find the best angle for flat roofs using special brackets.
It can be challenging to generate solar energy on properties facing north, or surrounded by trees and other structures.
Costs of installing solar on a rental property
Remember that solar panels require some maintenance before you reap the full benefits of solar.
- A monthly connection fee will be charged to your utility company, which could cost around $20-40 per month
- The monthly payment for solar panels must be included in the rent of your property if you finance them. You can justify higher rent by using solar panels. Once they are paid off, you will be able to generate substantial cash flow from your rental properties.
Install Solar on Your Investment Property
Red Solar in Boca Raton FL is offering solar panel installation services for rental and investment properties. You will be able to gain energy independence and increase property value, as well as 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 one of the best companies Boca Raton? Then contact us for more information today!
