Understanding the Benefits as a Landlord
The idea of using solar energy to power a rental property is an interesting and attractive one. With visions of minimal to non-existent electric bills floating around in your mind and limited reliance on the public utility company, we are sure your interests are piqued.
When deciding on installing solar panels on a rental property, one of the most important things to do is research the pros and cons — to really dive into the process and better understand the upfront and long-term costs before making the decision. To help, NC Solar Now has put together a few bullet points to consider when thinking about solar for your rental property.
Crunch the Numbers
One of the clear benefits of solar is that you no longer have to worry about being dependent on the utility company for energy. Solar panels provide you with an opportunity to reduce (if not completely eliminate) those high utility bills. On top of that, If you are a rental property owner in the state of North Carolina, there are federal and state tax incentives that will provide additional savings. Currently, the federal government is providing a 26% tax credit on the overall cost of your solar power system. If you are interested in learning more about the tax credit, feel free to call us at (919) 833-9096 or contact us.
With solar panels installation costs falling more than 70% over the last decade, solar has become more affordable than ever and the tax benefits show that the state and federal governments support the move towards clean and efficient power.
Attract Quality Tenants
More and more people are becoming aware of the amount of energy consumed each day on our planet. With this awareness comes a conscious effort to want to do and be better stewards of the planet. As a landlord with solar panels, you will attract renters who want to increase the value of your property over time by taking care of your investment. These renters are also environmentally friendly individuals who want to reduce fossil fuel consumption.
Hurricane season is in full swing. With those gale force winds come the opportunity for downed power lines and residents scrambling to find a power source. With solar panels, you can keep the lights on for your tenants no matter the weather.
One example of a landlord “coming through” for their tenants happened this year when hurricane Ida made landfall in New Orleans. While the rest of the city went dark, there was a sole apartment building with power due to the installation of a microgrid and battery storage system in the parking lot. This energy-efficient building was able to supply power to all residents post-hurricane. At NC Solar Now, we view this as #landlordgoals.
Support Local Economy
By investing in a self-contained solar system, you support local businesses like NC Solar Now. In 2010, we embraced the philosophy that solar is for everyone and we have been living the dream ever since! As energy rates continue to increase at an upsetting pace, we are excited to share with you that energy independence is possible and show you just how quickly an investment in a Solar Energy System will pay for itself.
Our goal is to help make the world a better place for future generations. We are committed to doing so by creating a cleaner, safer and more sustainable energy environment. To do that, we provide high quality, affordable renewable energy solutions and solar installations for residences and businesses across North Carolina.
Interested in Solar for Your Investment Property?
NC Solar Now is North Carolina’s Most Trusted solar panel installer and embraces the philosophy that solar is for everyone! We’ll be by your side from your first free virtual consult through our warranty period and beyond. Visit us online at NC SOLAR NOW or contact us for more information. Check us out on Facebook or Instagram. Want to chat with someone? Give us a call at 919-833-9096.
Want to Read More?
Take a look at some of our other blogs about solar.
- What Happens During a Power Outage?
- Working with Your HOA to Install Solar
- What Will My Home Look Like With Solar?
*NC Solar Now knows that finding quality tenants can be hard even with a solar panel system. To help with the process, contact Oak City Properties for all of your property management needs.