The solar industry is currently experiencing a revolution. Back in the day, real estate owners would install solar panels on the roof simply to generate power. Nowadays, they more concerned with getting a return on their investment and making some money!
The falling solar panel prices and government incentives have contributed to the tremendous increase in solar power system installations and solar power generation. Major corporations now have solar plants constructed on their facilities. It is, without a doubt, that solar is the future of clean energy.
In what ways can real estate owners take advantage of solar power system installations?
Installing solar PV system on your property will increase the profitability of your real estate investment (net operating income). In less than one year the system will already be generating money.
These are some of the ways you can you take advantage of solar power system installation on your property:
Real estate owners can now lease the underutilized space on their roofs to solar power generating firms for a term of up to 2 decades. It is equivalent to having an additional tenant.
Reduce the property utility bill
You can opt to purchase cheaper kilowatt hours of power from a solar power generating company and reduce the energy bill on your property without any upfront costs.
Earn a return on investment
Property owners who invest in solar power systems enjoy significant tax rebates and incentives from the state which allows them to recoup their investment and start earning great returns in a few years.
What are the concerns for property owners?
The majority of property owners are concerned about the impact solar panels will have on the lifespan if their roofs. Solar panels if properly installed by a qualified installer will actually protect the area of the roof it covers underneath from extreme weather preventing degradation. During installation rooftop, solar panels are ballasted and mounted on rubber sheets protecting your roof from damage.
Real estate owners are also concerned whether installing solar panels will affect property insurance. The insurance firms nowadays cover solar installations as well without increasing your monthly premiums in most cases.
One more concern is the future of the solar power technology. What is evident is that the solar technology has now become mainstream and continues to grow. The solar industry is making billions of dollars and they even offer a warranty of 25 years on the panels.
Taking the next step
If your property has met all the requirements for solar power system installation then you can switch to solar and start reaping the benefits. A professional solar installer will carry out a feasibility analysis to determine the suitability of your building for solar. As long as you have a solid roof and the solar panels can generate sufficient energy load, you will enjoy cheaper power well into the future.