How Solar Panels Can Improve Your Las Vegas Rental Property
It is only natural to waver whether you want to make any property investment. The cost always needs to be carefully compared to the benefits. The same, of course, applies to solar panel installation. Especially when considering what they can cost, let’s look at how solar panels can improve your Las Vegas rental property.
Saving on the bills
Solar panels can improve your Las Vegas rental property by making its utility costs much cheaper. Now, this might not directly benefit you if your tenants are paying the bills. However, it will be a boost to property appeal due to this fact. Naturally, this does mean you can afford to charge a slightly higher rent. Considering that without solar panels, you could not charge more for utility bills is a pure profit. And, since it would still be cheaper than paying full utilities, tenants would still gladly choose your rental property over the competition if you are paying for utilities yourself, all the better! You might be able to reduce or even eliminate electricity costs just by installing solar panels. You might want to adjust your rent prices a little, however.
Amazing sale potential
If you ever do decide to sell off your rental property for whatever reason, then having solar panels installed is absolutely a boon. Lots of people in Las Vegas take solar panels as one of the signs you’ve found your dream home. Their utility is such that people just can’t resist buying a property that has already had them installed. Of course, this impacts the price of the property, too. No one would complain about being charged extra over such an amazing amenity to own. Consider this, too: the cost of installing the solar panels would have been, by the time you decide to sell your rental property, completely made up for by the utility bill reductions alone. This means you would be making a pure profit by getting to charge more for them during a property sale, which is not something a lot of other home improvement projects provide.
An added passive income
As Peak Services Las Vegas experts like to point out, even with the maintenance costs, solar panels are always a plus. This is because, even beyond the cost reductions to utility bills, you stand to profit every month from owning them. With its geographical position and local climate, Las Vegas enjoys a lot of sun every year. You will likely start producing more power than you need and quickly eliminate electricity costs. The power which you can start selling to the city instead! Just imagine! Instead of being able to profit off the rental property through rent alone, you would have an additional revenue stream. This would likely not just cover the cost of solar panel maintenance but the entire rental property instead. And even then, you’d still be able to put some money aside, especially since significant repairs aren’t needed often.
Some leeway with power outages
It is an unfortunate thing to draw attention to. However, one of the ways solar panels can improve your Las Vegas rental property is by protecting it from power outages. The city, unfortunate as the fact is, seems to suffer from these often. And while they are typically quickly resolved, it is still an inconvenience. Having a guarantee that you wouldn’t immediately lose access to electricity just because the city is suffering through another episode is a major boon. This would make your rental property even more appealing to potential tenants. On top of this, it is a perfect sale gimmick if you do decide to sell! One of the best summer staging tips for your Las Vegas home with solar panels we can offer would be pointing out this particular feature, especially since summer is also the perfect time to throw around stats about your solar panel electricity generation.
The appeal advantage
Of course, while we’ve discussed the benefits to your rent prices and even briefly touched upon the appeal of solar panels, this topic deserves more mention. After all, it can be very difficult to make your rental property stand out in Las Vegas. The city definitely has its niche appeal, and providing accommodations and lots of fun activities is part of it. This means that a typical rental property needs to struggle against vicious competition. Even if you need to worry about maintenance and even solar panel bird control to keep your investment safe, this is a significant leg up which can help make your business venture successful. At worst, you have a massively improved property. At best, its appeal makes it easy for you to increase rent prices even further.
The final way solar panels can improve your Las Vegas rental property is through a tax rebate. Now, this is, admittedly, not an immediate or long-term improvement. However, you should not miss a tremendous one-time cash influx. After all, as any expert property manager would tell you, having more funds to invest in a rental property is always a fantastic opportunity. This works because after you’ve finished installing your solar panels, you are entitled to a thirty percent cost return when filing your taxes. This means you get nearly a third of your investment back at the end of the year! Unfortunately, the state of Nevada no longer provides any solar tax credits or solar energy rebates. But even the single money return is significant compared to the cost of installing solar panels.
Now that you understand how solar panels can improve your Las Vegas rental property, it should be easy to decide whether you want to have them installed. Even if you just take advantage of their functionality alone, this is still a lot of long-term benefits, which will eventually be a pure profit.