Should You Add Solar Panels to Your Rental Property?
Are you thinking about adding solar panels to your Central Valley rental property? If so, this is a smart decision to make.
As anyone who lives in the Central Valley knows, we can be experiencing summer-like weather as early as April, and with 300 plus days of sunshine per year it makes sense to add solar panels to a property.
How Much Do Solar Panels Cost?
As with any Improvement that will add a nice return on investment, it’s important to think about what it’s going to cost to add solar panels to your Central Valley rental property.
Thanks to recent statistics, we know that it’s going to cost up to $15,000, or $3.35 per watt to add solar panels to any home in the Central Valley area.
The primary thing that you should consider besides the tax breaks and obvious return on investment is if your tenants will actually benefit from living in a solar powered home or not.
In today’s world, many renters still prefer to go with the traditional approach of buying power through a local power company so, before investing in solar panels it’s advisable to consult with your tenants first to find out if they would even be interested in using solar panels before you make the investment of adding them to your rental property.
Solar Energy Stats For The USA
As of the end of 2018, the U.S. had 64.2 GW of installed solar–enough to power 12.3 million American homes.
Solar energy accounts for 1.6% of total U.S. electricity generation.
The US. installed 10.6 GW of solar in 2018 alone.
Solar has ranked either first or second in capacity added to the U.S. electric total every year since 2013.
There are over 1.47 million solar panels in use across the contiguous 48 states, according to satellite machine learning from researchers at Stanford.
American solar power offsets over 70 million metric tons of carbon dioxide every year, which is like planting almost 1.2 billion trees.
Big oil giants are going solar–they made 109 deals with solar firms between 2002 and 2017, according to Money Morning (using data from Bloomberg New Energy Finance).
The average U.S. residential solar installation is about 5KW, or around 20 panels.
Solar Star, America’s largest solar farm, produces 579MW alone and is 4 times the size of Central Park.
Approximately 2,500 MW of utility-scale solar is under construction right now.
Contact RPM Central Valley
For more Property Management tips, or to speak with us about the property management services that we can offer you, contact us today by calling 209- 572-2222 or click here to connect with us online.