Buying a property and renting it out for income can be a worthwhile investment. In fact, according to online tallies, about 20% of the Australian population or about 2.2 million people, are now doing so! In addition, many people are now turning to solar for their energy needs in Australia. Is this a good idea for property investors, however? Does it bring landlords any benefits? Yes, we think it does! Solar can bring benefits to both tenants and owners that make it a smart investment in the long run. Here’s how.
How Landlords Can Gain from Solar for Rental Properties
By installing solar power, as a landlord, you can more easily attract tenants by offering a point of difference on the rental market. This can help you find and keep the right tenants making it a win, win situation for all.
A solar system can also add value to your investment property, should you choose to sell it in the future. Some estimates claim you may be able to sell your property 20% faster when it has a solar system installed.
Furthermore, a survey done in 2017 found that 85% of Australians felt that solar panels on a home added value to it. Some estimates claim installing a 5kw solar system can add almost $29,000 to an investment property.
As a landlord, utilities included in your rental fee are tax-deductible in Australia. Should you ever choose to live in the property yourself down the road, such as when retiring, having an effective solar system in place can definitely save you even more money.
Solahart has a variety of products ideal for both residential and commercial properties as a leading provider of Redlands solar systems. With experience installing over one million solar systems in 70 countries, you can trust us to install and stock the best solar products on the market.
How Tenants Stand to Gain With Solar
Rental properties with a solar system can also be more attractive to potential tenants as they can allow them to save on their utility bills. Solar can be particularly attractive to residential tenants who will be at home often during the day or working from home. During the day, tenants can optimise their use of the sun’s energy and truly save. Experts estimate that residences in Australia that have a solar system can save about $400 annually for each kW of power their system generates. That’s a lot of savings!
At Solahart, our solar packages can be tailored to meet your property’s specific characteristics and tenant needs. As a leading provider of Redlands solar products, and as Australia’s solar pioneers with decades of experience under our belt, you know at Solahart, we can get it done right.
Which Rental Properties Work Best With Solar?
Is solar for every property? Yes and no. Rental properties that have a strong roof with considerable exposure to the sun can be the best contenders for a solar system. It’s ideal if your roof can support a larger system of 5 kilowatts or greater. A solar for rentals online calculator provided by the Queensland government can help you determine how long it may take you to recover the cost of installing a solar system on your property.
Solahart is a high-quality provider of solar products, installation, and Redlands solar servicing in and around Brisbane. With over 65 years in the industry, we can provide you with fast, expert advice. Contact us now for a free quote and let’s talk about which products can be best for you and your investment property.