Although solar panels are a serious investment, there are many benefits to installing them on your property. Not only can they pay for themselves, but they can help you make money over time. If you’re on the fence about going green, here are three great reasons why you should put solar panels on your rental property.
Increase Property Value
The values and desires of the general population are changing; subsequently, what people are looking for in a home is also changing. This means the market for green and eco-friendly homes is rapidly expanding, and getting ahead of the trend can help your property stand out. Not only do solar panels attract the eyes of higher-paying tenants, but they also give your property a competitive edge and raise its overall value. In fact, studies have shown that solar panels on your property can raise the value by up to four percent.
Reduce Energy Bills
Tenants and landlords alike know how expensive it can be to pay that hefty electricity bill every month. If you’re overpaying for your electricity, solar panels can help reduce those bills. This is especially true for properties that get a lot of sun exposure. In reducing your tenant’s energy bills, you can save some of that cash and use it to pay for the solar panels themselves. After paying off the solar panels, you can fully enjoy the savings and put that money into further upgrading the property.
Tax Incentives and Cash Rebates
Did you know the federal government will offer you up to 26 percent solar tax credit, among other tax incentives? You can use this to deduct from the total cost of installation on your federal tax credits. Depending on your state or city, numerous other incentives will help you pay for your solar panels and even get some of your money back. Because solar power is exempt from sales and property tax, you can enjoy the high, long-term ROI on your panels.
While these few reasons to put solar panels on your property may seem great on their own, you’ll be glad to know there are many more out there to discover. If you can’t decide whether solar panels are the right investment for your rental property, Excalibur Homes can help. We’re a Decatur, GA, property management company dedicated to helping you make the right decisions for your property and helping you with your responsibilities as a landlord.
