Many people choose to install solar panels on their residential properties. After all, it’s hard to ignore the benefits of solar panels in Arizona.
Even though you might have already chosen to have them installed at your own home, you may not have considered installing them on your rental property. If you own a single-family home that you rent out, solar panels are typically worth your consideration. Here are some of the reasons why.
Solar is a Great Investment
If you own a rental property, you likely purchased it as an investment. Right now, you may be making money from rent payments from your tenants. However, in the future, you may decide to sell the property at a profit.
If this is something you’re considering, it’s wise to make investments that can help increase the property’s value. Installing solar panels is an investment that you can make now that can potentially benefit you a lot when you later sell the property.
It Can Help Attract Tenants
Attracting good-quality tenants is important when you own rental property. Installing solar panels is a unique way to attract tenants to your property. One example is that environmentally conscious tenants will likely be attracted to your property if you make this improvement. In fact, you may find these tenants are willing to pay higher monthly rent rates.
Solar panels are a good way to reduce or eliminate expensive vacancies and attract the best possible tenants. Tenants accustomed to living in a property with solar panels may be less likely to move on to other rentals, which can also help reduce frequent turnovers, which can be costly and time-consuming.
It’s Environmentally Friendly
If you’re an environmentally conscious landlord, you may already take various steps to operate your rental business in an eco-friendly way. Some ideas include installing energy-efficient and water-efficient fixtures when possible. Or you can use environmentally friendly materials when renovating or repairing your property.
If you’d like to operate your rental business in an even more environmentally friendly way, installing solar panels is an excellent idea.
It May Help With Taxes
There are various state and federal tax credits available for property owners who implement solar energy on their properties. Of course, you should consult with your accountant before making this decision, but there’s a good chance you will be eligible for a tax credit after installing solar panels on your rental property.
Solar Panels Reduce Energy Costs
If you charge your tenants all-inclusive rent rates and cover the utilities, you’re probably concerned about monthly energy costs. You don’t have much control over how much power your tenants use each month, nor can you control potentially rising energy rates with your electric company. This can lead to a lot of expense and uncertainty when running your business.
Once solar panels are installed, you can greatly reduce the energy costs for your rental property. Over time, they can help you save money and increase profits.
Even if your tenants are responsible for their own electric bills, these savings can be beneficial. Tenants are sure to appreciate saving on their monthly utility bills. Plus, these savings can help your tenants be more financially stable, which increases your chances of receiving timely rental payments each month.
As the owner of one or more rental properties, you may want to consider contacting an Arizona solar company. Once you consider the many benefits of installing solar panels on the property, you’ll likely find this is an investment that you’ll want to make.