Is It a Good Idea to Buy Solar Panels for a Rental Property?
Investing in rental properties is a great way to gain supplemental income, and of course, can be most beneficial if you can keep costs down long-term. Therefore, investing in solar for a rental property comes with some tremendous lasting benefits.
The Benefits of Installing Solar Panels on Your Rental Property
When you are searching for tenants for your rental property, you will find more interest if your costs are low and your building is up-to-date with the latest technologies. Here are some benefits of investing in solar for your investment properties:
- Once the solar panels are paid off, you will have a greater cash flow from the property.
- You will be able to charge more in rent, touting that utilities are included.
- Charge a higher rent to offset the tenants paying reduced utilities.
- Get more interest in your rental listings by advertising solar panels and updated technology.
- Raise the value of your property by installing solar for the future sale of the unit.
- Reduce the carbon footprint of your building.
When you invest in solar on any property, the long-term payoff is well worth it.
The Costs Associated with the Purchase of Solar for Rental Properties
Paying for solar panels for investment properties comes with some maintenance costs.
- Pay a monthly connection fee to the electric company, which is around $20-40 each month.
- Pay off your solar panels. If you finance your solar panels, then the monthly payment will have to be factored into the rent for your property. With solar panels, you can justify a higher rent, as explained above. And once the panels are paid off, you will receive a substantial cash flow from the property.
The longevity of solar panels and minimal maintenance is ultimately why thousands of homeowners are investing in solar for all of their properties.
Investing in solar is a good idea all around. Whether you own a rental property or would like to set up solar at your primary residence, give New Day Solar a call for a free consultation: (855) 444-6329.
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