When many people consider the benefits of installing a solar PV system, they immediately think about tax credits. However, more and more wise investors are choosing to install solar energy systems on their rental homes. Despite the fact that rental homes do not qualify for the 30% federal tax credit, the decision by these owners to invest in solar will pay dividends for decades to come.
Recently, Optimus Solar has had three clients install solar on their rental properties, showing just how far the industry has come over the past five years. The price of solar energy system installation is becoming competitive even without the federal tax credit. This is allowing homeowners, tenants and larger-scale rental communities to reap the benefits of solar energy.
Multiple studies have shown that a rental unit equipped with a solar energy system is more marketable, rents faster and is more appealing than a similar unit without a solar energy system. The market is clear in tenant’s preference for solar capabilities. It not only provides cost savings, it tells a great story to friends and family, and shows an investment in the environment and in Florida.
Property owners investing in solar energy systems for their rental properties will see positive benefits for decades to come, and we encourage all long-term thinkers to consider this value-add to their real estate assets, tenants and communities.
Do you have a rental property you think might be a good candidate for solar? Call Optimus Solar today for a free estimate! 352.535.0227
The year may have just barely begun, but that’s no reason to put off the things that could make 2019 a stellar year. We put together our list of “Top 5 Reasons to Go Solar in 2019” because today is always the best day to plan for your future.
1. 2019 is the last year for the full 30% federal income tax credit
Starting in 2020, the tax credit will reduce to 26%. In 2021, it is down to 22%. From there, it will continue to decrease until it is fully phased out. It is reasonable to expect that solar installation prices will not fall as quickly as the tax credit, so 2019 may be a homeowner’s best chance to optimize their financial return on solar.
2. Utility rates continued to rise from 2018 to 2019
The US national average for electricity rose from January 2018 to late 2018. This means that in 2019, the return on a solar investment is more attractive, the payback period is shorter, and if you install this year, you can offset more future costs.
3. The price of a solar installation in Florida fell in 2018
According to Solar Power World Online, the average price of a residential solar installation in the US fell in 2018 by almost 6%. That can amount to meaningful savings for a household seeking to invest in solar in 2019!
4. Having a solar PV system contributes to household financial stability
For households that pay cash for a system, there is an immediate reduction in their monthly expenses through a reduction in energy bills. For households that choose to finance their system, they are trading a volatile monthly payment for a fixed monthly payment over the life of the loan. Of course, once the loan is paid off, the real savings begin rolling in!
5. Investing in Florida helps the local economy and long-term health of the State
Optimus Solar has written about the compounding power of producing electricity locally vs. importing it from out of State. Furthermore, using Florida-based solar installers, and Florida-manufactured solar panels compounds the local positive impacts and leads to a multiplier of positive economic activity.
There you have it! This Top 5 list is pretty convincing, but if you need more info or want to chat about what a solar PV system could do for your home this year, give us a call! 352-535-0227