Solar Power Use as Renter-Acquisition Strategy

[Matt Dickens]

Hey All, I recently just finished reading an article in the Wall Street Journal about the continuing rise of renewable energy sources led by their increase in efficiency and drop in implementation cost. I live and do real estate in Phoenix, AZ, and therefore have no lack of sun every year. I was curious if anyone is currently using solar power as a means to advertise lower rental costs to new renters, or if the strategy of implementing solar to decrease rental costs has been done by anyone else yet? If so, what do your cost breakdowns look like and what do you think having implemented the strategy? Best, Matt Dickens

[Tanya F.]

I have no experience with leases, we own our panels on our rental. We've had a lot of success attracting green-minded tenants, but it's a package deal.  We also offer garden space, good insulation, high efficiency furnace/heatpump minisplits.  In certain cities like ours it can work. Not sure about Tempe compared to other parts of AZ and the sunny southwest.

The more people go solar/renewables the better, as far as I'm concerned.  In our city, there are plenty of tenants who want green apartment living. There are not enough landlords who offer it.