The global solar panel market size is estimated to reach a value of $292.3 billion by 2030.
There are so many benefits to getting solar power. But as a landlord, there are even more reasons to consider it.
Keep reading to learn how investing in solar power can increase the value of your property.
Increase Property Value
Moving towards sustainability is a big focus in real estate. This means having solar panel systems increases your property value.
The exact increase in value will depend on the type of solar panels, how many are on the property, and how much they reduce the utility bills. As a landlord, your goal is to look after your investment. While solar panel systems do have an upfront cost, they're worth the investment in the long run.
The higher the property value, the higher you can charge for rent each month.
Solar panels generate electricity, which supplements the need for electricity from the power grid. In simple terms, since you make your own electricity, you buy less from the power grid, reducing your monthly payment. Some solar panels are even able to completely cover the cost of electricity.
This means solar panels decrease your monthly power bill. Solar panels also have tax incentives, so you can deduct a percentage of the cost of installing the panels when you file your taxes.
If your property's solar panels are generating more electricity than it needs, you can even apply to sell some electricity back to the power grid. This process takes a few weeks but can supplement your monthly bills even further.
It's best to get regular maintenance for your solar panel system. Most solar installers will offer yearly maintenance packages, so you don't have to worry about keeping track of it yourself.
It's also relatively easy to get emergency consultations if something breaks and you need repairs.
If you're not able to visit your rental properties to oversee the installation or maintenance of your solar panels, this is easily something your property managers can take care of.
Makes Your Property More Appealing
Finding the right tenants isn't easy. Having a feature that sets your property apart from the others nearby means you increase the quality of the people applying to be tenants.
You can usually trust that tenants who value solar panels care more about the environment. This care usually translates into other factors, too. They're less likely to damage the property, and they're more conscious about water and energy usage.
Investing in Solar Power for Your Rental Properties
As an owner of a rental property, you benefit when you're investing in solar power.
Not only does it increase your property value and rental income, but it also reduces your overall property costs. You can also get tax incentives, making it even more cost-effective in the long run.
It's also a more sustainable option and is better for the environment.
Contact us to manage your rental property and its improvements today!