The use of solar power is on the rise, with more and more people looking for possibilities to take advantage of this plentiful resource of energy. While saving our beautiful planet for the next generation is definitely a lofty goal, it is far from being the only reason for the ever-growing popularity of solar panels and other products driven by sunlight. In fact, a range of financial benefits (direct and indirect) has become a catalyst to trigger that high demand for solar roofs and ground-mounted panels.
It comes as no surprise that owners of more properties and landlords especially were among the first to recognize the numerous benefits of solar power. If you are one of those who keep lodging or rent out apartments or a house, read on to learn how a landlord can capitalize on installing solar panels.
Let's cut straight to the chase and start with one of the most important things for every landlord - budget and finance. First of all, starting from July 1, 2019, all solar photovoltaic (PV) systems under 100 KW are exempt from sales tax. In addition to that, people who opt for using solar power to generate electricity can count on 26% Federal Tax Credit and enjoy the electricity they produce anytime thanks to the concept of net metering.
Another great thing is that if you cannot afford the upfront costs of installing solar panels without financing, you'll get the latter without the hassle and complicated procedures. Of course, the situation can vary depending on the area you live but chances are you won't have any problem finding a local credit union to help you with your investment. Moreover, your solar contractor is likely to offer you an advantageous deal. For instance, about 75% of customers that used the services of Artisan Electric, Inc, a renowned solar and electrical contractor based in Seattle, financed their systems through PSCCU, the local credit union with attractive green loan programs. Do not forget, that as soon as you get your federal tax credit, you can immediately use it to pay down the loan and refinance.
The cherry on top comes in the form of the accelerated depreciation program for businesses that allow all commercial owners of solar PV systems to depreciate 85% of the total system cost already in the first year - isn't it amazing?
Generating your own energy means you or your tenants do not have to pay sky-high electricity bills anymore. Solar panels can easily make your business stand out from the competition since people who rent apartments will certainly appreciate such a budget-saving approach.
Here is one more significant point - do not forget that the price of electricity is not the same and increases dramatically during peak hours. Again, your tenants won't have to wake up at the crack of dawn to roast meat in that insatiable oven before the electricity becomes spicy-pricey or spend hours trying to get to sleep because of the noisy washing machine. Naturally, warm water will be also available throughout the entire day (and night) because when you produce your own electricity, it won't cost you a fortune.
Do not forget the net metering mentioned earlier that, by the way, has no expiration date. What does it mean for you? Quite simply, when you produce more power than you're using, the excess goes to your energy "bank", providing you can use it whenever there is a need - for example, at night or in winter when there is no sunshine to generate electricity.
Speak to real estate experts and they will confirm that solar panels are one of the smartest investments. While home renovation generally is a surefire way to waste money when selling your property, installing a VP system always adds value to your property and makes it a more attractive offer in the market. Many homeowners even decide to enhance the roof of their house just prior to selling it with the only goal to get a better price. Well, you don't have to do it, you can install the panels and enjoy huge savings, knowing that if somewhere in the future you want to sell your property, it will be a hot ticket in your local real estate market. The cost varies from state to state. Find solar panel cost Missouri here.
As you can see, solar panels are popular among landlords because they do bring plenty of benefits. They can be installed on virtually any type of roof, even on those with a pitch greater than 30 degrees - can you really miss the opportunity to save money, saving the environment at the same time?