Solar panels as a value add??

2 Replies

Has anyone added solar panels to a small multi family as a way to increase revenue? I figure you could charge the tenants a base rate for electricity every month and that goes to paying them off. Once paid off, you obviously just keep charging them and that would increase your income. Has anyone tried this? Are solar panels just to expensive in general?

@Preston Wengert

I personally feel it's not worth it to place solar panels on a rental property. Personal property, YES. Rental property, NO. Tenants don't care for these things. Tenants already want to pay the lowest rent as possible. How do you think they will feel if they realized that their electric bill is a higher because you decided to place solar panels?

Originally posted by @Brian Adzadi :

@Preston Wengert

I personally feel it's not worth it to place solar panels on a rental property. Personal property, YES. Rental property, NO. Tenants don't care for these things. Tenants already want to pay the lowest rent as possible. How do you think they will feel if they realized that their electric bill is a higher because you decided to place solar panels?

 I looked into solar panels for my primary residence, since it is all electric (heat pump, no gas furnace or stove) and it still is not worth it IMO. Based on my roof size I have enough space to host panels that will produce HALF of the electricity that I use in an average month. At a sticker price of around 20k it would take me about 10 years to make the money back.... so still not worth it even for the primary res.

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