How to Save Money Using Solar Power in Rental Properties

  • Posted 12 Jan
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How to Save Money Using Solar Power in Rental Properties

If you’re a home owner looking to save money on your electric bills, solar polar might be your best option. Installing solar panels is good for the environment and it can save you a ton of money over the year. If you have rental properties, it’s also a good option to add solar panels to reduce unwanted power bills for your tenants.

 

Here are some tips if you’re thinking about installing solar panels in your own home or rental property.

1. Size of your Panel System

Your personal energy requirements are going to be different from your neighbour’s. You’re going to need the system that best suits the specific needs of your family and household.  If you’re looking at installing it for rental properties, take into consideration the number of rooms the house has and then look at average power consumption of previous occupiers – use this figure as your guide.

Solar power is something that needs to be catered to for specific home setup’s.  The better you can find a system that is customised for your specific needs, the more you’ll save over time.

When looking for a system that is the best fit for your home, it’s best to consult with a solar professional. Here are some of the things they’ll look at before providing a recommendation:

  • Location of your home
  • Number of people in the household
  • Manner in which you cool/heat your home now
  • Number of appliances
  • Peak electricity times in the household throughout the day

When you analyse this data and compare with your past bills, you’ll begin to have an idea of the size of system that you’ll need.

2. Think About the Future

It’s a good idea to think about how you plan to grow in the future with regard to your home. Is your energy usage going to increase over the next few years? Are you planning on growing your family? Will some children be moving soon? All of these factors will play into the kind of solar panel system you’ll need to purchase.

3. Lease, Loan or Purchase?

There are several ways to take care of financing your solar power system. Below are a few options.

Which will work best for you?

  • Cash Purchase. This is the most ideal way to take care of your solar power implementation. Obviously, you will own the system, and will, in time, begin to see savings that will pay for the system in a matter of years.
  • Loan. In this case, you buy a system for almost no cost upfront. Then, over time, your electricity savings will begin to pay for the repayments on the loan. Loans are generally fixed, or variable, with terms of up to 10 years.
  • Lease. In this case, a solar company installs panels in your roof for very little cost upfront. You make an agreement to buy the electricity that the panels generate for a given period of time. While the company owns the solar panel system and maintains it for you. If you go this route, make sure to have the solar company provide a proposal regarding how much energy they guarantee to supply each year. Typically, this will be measured in cost of energy per kilowatt hour.

While these tips are just a few of many factors to think about when thinking about solar power, they are a good start to the process. Ultimately, solar power is a win-win; you just need to find a system that works best with your specific needs.

If you’re considering installing solar power in your own home or rental property, chat with us today about accessing the equity in your home or rental to fund this purchase.

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