Do you own a rental property?
The biggest question for rental property is whether to install solar panels on rental property or not. Even though the price of solar panels has gone down over the years, it is still a large upfront expense. However, rental properties with solar panels help attract tenants better. The value of a rental property with solar panels also increases year after year.
Benefits of Putting Solar Panels on Rental Properties
Solar panels are becoming increasingly popular among property owners. Landlords benefit immensely from solar panels installed on rental properties. Here is how having solar panels on a rental property will benefit you:
Improve the Property Value
Having solar panels installed by the best solar panel company in Sydney boosts property value. Tenants are willing to pay higher rents every month in return for electricity savings due to solar panels. The higher rents received due to the solar panels pay back the cost of purchase and installation of the solar PV system.
Reduce the Energy Costs
With solar panels, you can generate your own electricity, resulting in lower power bills every month. Also, excess power generated can be sent back to the grid, further reducing the cost of electricity.
Reduce the Carbon Footprint
Solar energy is a renewable energy source. One of the main reasons why landlords in Australia choose to add solar panels to rental properties is that it helps reduce the carbon footprint and has a positive impact on the environment. Electricity production mainly requires the burning of fossil fuels, which adds to the greenhouse gases in the environment. You can do your bit for the environment by ensuring that your rental property uses solar power.
Attract Prospective Tenants
When you install solar panels on your rental property, it attracts new tenants and helps retain the existing ones as well. The lower monthly electricity bill will help set your property apart in the market. This will help boost your rental earnings.
Rebates and Incentives
If you have a rental property in Australia, you can benefit from an upfront rebate for the solar panels. Getting the rebate is pretty straightforward and easy for rental properties. There are also tax credits for which you are likely to qualify. Depending on the state you live in, there are also various state incentives.
Who Will Benefit from Solar Panels?
Both landlords and tenants can benefit from solar panels on rental property. It all comes down to an agreement between both of them. A tenant can talk to the landlord about solar tax credits and the metering credit for surplus electricity that is generated. In return, a landlord can demand a higher rent from the tenant.
Are you a property owner who is interested in getting solar panels installed by a top solar panel company in Sydney? The first step is to check whether your rental property is suitable for solar system installation or not. Definitely, it is a good idea for rental property owners to install solar panels on their property to get a high return on their investments.
Contact Isolux Solar today to get a free quote.
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