What if I add solar panels to bring in more income?

[Beth Anderson]

Has anyone ever installed solar panels and then included electric in the rent, pocketing the difference when the solar covers most of their usage? The duplex we're looking at has free gas because there is an easement for an oil well on the property. So we can rent it advertised with heat and gas included. Wondering if including the electric could actually increase our cashflow.

[Jaron Walling]

@Beth Anderson There's a lot of factors to consider when installing solar panels. From an energy prospective Middlefield, OH isn't going to produce as much electricity compared to say Phoenix, AZ. COST is the real elephant in the room. What's the payback period for the panels? At best you'll break even for the first 10-15 years unless you save on labor and install them yourself. The last thing to consider is the utility company in your area. They have programs where they "pay" for your extra energy, but some don't. They also have programs where they install the panels for free, but you pay it off with the energy produced. 

In each scenario I don't see an increase in rental cash-flow but that's just my take on it.