5 Signs It's Time To Replace Your Rental's Roof

As California becomes more and more electric, the idea of installing solar panels becomes more enticing for many landlords. While the initial investment may be quite expensive, there are a few things to consider before making the decision. By keeping these factors in mind, you can greatly reduce the overall cost of installation as well as reduce your operational costs throughout the lifespan of the solar panels. Below, we’ve compiled three considerations you should keep in mind before making your decision to install solar panels on your rental property. Long Term Ownership For landlords whose plan is to own their rental property for a long period of time, a solar energy system can be a strategic investment with long-term benefits. The longer you own a solar panel system, the lower the operational costs can be for your rental property. Unlike a homeowner, who sees their return through their energy bill. A landlord sees their return through lower vacancy rates and higher lease renewals. The initial expense associated with installing solar panels can be offset over time through reduced energy costs, improved property efficiency, and adjusting your property’s rent accordingly. Tenants are quite receptive to features that lower recurring expenses, such as their electricity bill. With so many people working from home, a lower energy bill can result in an improvement in tenant satisfaction , as well as reduced vacancy and turnover rates. The use of solar panels fits well in a long-term investment strategy that focuses on keeping operational costs low and reliable while improving your rental property’s value . Stand Out From the Competition In a competitive rental market, such as in Long Beach, CA. Features such as solar panels can help your property stand out to prospective tenants. Features such as solar panels can increase a rental property’s attractiveness to many tenants, though, specifically environmentally conscious individuals and younger tenants tend to gravitate towards rentals with solar panels more. Properties that are energy efficient appeal to renters who prioritize lower utility bills and more sustainable living conditions. These features may influence a prospective tenant’s decision when choosing between rentals of similar characteristics and space. Additionally, tenants who are interested in sustainability often care for the rental and follow the rules better than others. They are also more likely to opt into lease renewals. This means that solar panels can improve your bottom line through a more consistent monthly rental income due to the reduced vacancy and turnover rates. Your Roof is in Good Shape It goes without saying that your roof needs to be in a structurally sound condition in order to install solar panels. In general, a roof is expected to have a lifespan of twenty to twenty-five years, If your roof still has over fifteen years of proper functionality, it's ideal for installing solar panels without requiring additional costs for repair. If your roof is in good condition and won't require repairs in the foreseeable future, you’re far less likely to face problems that would require you to remove the solar panels temporarily. This can be expensive, which is why it's important you don't properly inspect your roof before making the decision to install solar panels. Installing a solar system on your rental property offers measurable benefits to your bottom line in reducing your vacancies and turnover rates, as well as keeping your rental property competitive in the market. If you’re unsure if your roof is structurally sound to install solar panels or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .

Have you considered including utilities in your rent? Here are some of the most common utilities that help tenants see a greater value on renting your property