If you’re a landlord, consider using solar power to make your rental more profitable. A long-term strategy, solar power can both make your property more appealing to tenants and improve its property value. Here’s what you need to know.
1. There Are More Homes With Solar Power
Solar Power is trending across the globe, and the number of households in Australia with solar power systems is steadily increasing. With that in mind, more tenants are starting to look towards solar power as an advantage, and there are newer solar systems coming to the market that are easier to install, more affordable, and more effective.
2. Solar Energy is a Selling Point
If you’re in a competitive real estate market, you need to do what you can to set your property off. Solar energy is a selling point, and will draw in tenants that you otherwise might struggle to bring in. You can keep your properties filled easier, and with tenants who are looking for more than “just a home.” A responsible tenant is a good tenant.
3. Increase the Value of Your Property
Solar panels are a direct improvement to your property, and will consequently increase the value of your property. Whether you’re interested in eventually pulling out home equity, or you just want to know that your resale value is high, increasing the value of your property is never a bad thing.
4. Deduct Taxes for Solar Energy
For homeowners, solar energy is tax-deductible, which means any solar energy produced by your grid is going to be saving you money long-term. While there will be an upfront cost, there’s always an upfront cost to any property. Most properties are purchased with the idea of being a long-term investment rather than short-term gains.
5. Get Increasing Returns
It may take some time for a solar unit to start making money. But once it does break even, everything else will be profit to the landlord. The more properties a landlord has, the more solar power will help with long term rental returns. And this is apart from being able to charge more for the property for it being more desirable, and being more likely to be able to get tenants in.
6. You Can Protect Your Property
Solar units also come with warranties to protect your properties, so you don’t need to worry about issues such as the solar power damaging your home. Work with a reputable vendor, and you’ll be ensured that the solar installation is safe and up to code.
7. You Can Improve the Environment
Apart from the savings involved with having a solar system, it’s also important to note the largest benefit: you will be helping to save the environment. Not only does that make you more environmentally-conscious, but it’s also a long-term investment in the environment around you and your properties. In Australia, almost 50% of energy will soon be generated through renewable resources. That’s an incredible advancement, and something that many people are interested in being part of.
As more landlords begin to install solar power, it will become expected for properties to have solar power. By providing solar power to tenants, you’ll be able to generate greater interest in your properties, while also providing a bonus to them (and being able to charge higher rents). As your solar panel system ages, you will only be making more money from it, and experiencing greater returns.
If you only have a single property, the benefits from a solar panel system may take a little while to show. But if you have a multitude of properties, you will be able to make substantially more money, while also helping the environment. You can get a quote for a solar panel system today to get stated.