Installing solar panels is an excellent benefit for commercial and residential property owners. Still, the benefits of solar panels to landlords haven’t been a significant subject of discussion until now. The positive side is that tax incentives and the appeal of the instinstallinganels on rental properties are a wise decision to benefit your business’s bottom line and maintain your rental property a steady source of income over the years.
Appeal to Renters
Solar energy’s benefits are becoming more common knowledge than ever, and many of the most populated renting demographics are seeking a home that is a renewable energy source. Alongside the desire for renewable energy, tenants are drawn to homes equipped with solar panels due to the reduced electricity bills, particularly as the price of electricity continues to rise.
Installing the solar battery alongside the panel array will provide an extremely sought-after capability to ensure that the lights are running during power interruptions. Since wildfires, storms, and other storms are becoming more frequent, allowing you to keep your home powered even when power is out is an enormous benefit for attracting and retaining tenants.
Reduced Property Utilities
Renters aren’t the only ones to enjoy lower electricity costs – the savings eventually go onto you. Net metering is available in California and elsewhere; you can redirect the surplus energy solar panels generate back to the grid for cash. This can result in lower costs for you too.
Tax Incentives
Solar panels can be a source of savings that goes beyond utility. While you cannot claim the 30% tax on investment credit on rental properties you do not live in, you can get depreciation deductions by paying more than you need to. Installing a solar system lets you get a reduction of 10% in the price of the system every year.
If you reside in a rental for at least a portion all year round, you may take advantage of the 30% tax credit instead. Whatever you choose, the government is aiding the installation of solar panels. A tiny tax preparation assistance can help you benefit most from these incentives.
Do More With Simply Solar
If you want to gain an advantage in your California rental market, installing solar panels for your home could be the key to attracting more reliable tenants. Simply Solar is here to assist you using custom-designed systems and exceptional customer service.