Residential solar energy is the single most efficient form of power available to homeowners. But single-family homeowners aren’t the only ones who can reap financial and environmental benefits through the use of solar panels; real estate developers and property managers will also see great returns on solar panels for multifamily housing developments. Here are five reasons why you should consider solar panels for a multifamily dwelling in Minnesota.
Landlords Can Save Money on Electric Bills
This may be the most obvious benefit of utilizing solar energy for Minnesota multifamily dwellings. Developers and landlords must make the difficult decision whether to pay for utilities themselves or have their tenants pay the bills. If you’ve decided to pay utilities for your tenants, Cedar Creek Energy can create the perfect solar array to power your property. We’re a solar panel installation company in Minnesota dedicated to helping our customers save tons of money on power – many customers see their energy costs reduced by 90% or more when they install solar panels!
If you’re a landlord who lives at your property, you’ll save money personally by utilizing solar energy in your home. When you take into account the other housing units in your building, you can expect to save hundreds of dollars on utilities each month.
Are you a landlord who doesn’t live at the property and doesn’t cover your tenants’ utility bills? You may be wondering if solar energy can still benefit you. It’s not saving you money on electric bills each month, so what good is a solar energy system for your Minnesota rental property?
Enjoy More Flexibility When Setting Rent Prices for Minnesota Landlords
Even if you don’t pay the electric bills for your properties, you can still see a great return on your investment in solar energy panels for Minnesota multifamily dwellings. Here’s how: Once you install solar, your tenants will pay next to nothing for their power. If an electric bill for one rental unit is normally $150 per month, your rental property will automatically cost tenants $1,800 less per year than the average home. This allows you some pricing flexibility as landlords.
In this example, say you charge an extra $100 per month in rent versus a comparable unit in the area. By renting from you, your tenants are still saving up to $600 per year when you factor in their minuscule power bills! Meanwhile, you’re receiving an extra $1200 in rent per unit per year. Sounds like a win-win, doesn’t it?
Tax Credits and Rebates Minimize Your Investment
As illustrated above, you can expect to see more profit from your solar powered multifamily dwellings in Minnesota. But with the numerous financial incentives and rebates available, you can also expect to pay less upfront for your Minnesota multifamily dwelling development’s solar power.
To start, a one-time federal investment tax credit is available for multifamily solar PV systems. The credit is based on a percentage of the total solar PV system cost. If you get your system installed by the end of 2020, you can expect a tax credit of 26% of the system’s cost the following year. When you work with Cedar Creek Energy to install your Minnesota multifamily dwelling solar panels, we can also help you secure solar financing at a reasonable interest rate.
Increase the Resale Value of Your Property
Minnesota solar-powered multifamily dwellings will benefit from a ‘solar premium’ when they’re sold because buyers understand the savings they will receive in a home with solar panels. The average single-family homeowner can expect a solar panel installation to add about $15,000 in equity to their home. For a multifamily home developer or landlord, that means solar panels will be an exponentially beneficial investment.
Connect Eco-Friendly Tenants with Your Solar-powered Homes
If you are interested in solar energy’s environmental benefits, you may be hopeful that your tenants will feel the same way. When you advertise a solar-powered apartment or duplex, you are more likely to attract tenants who want to live an eco-friendly life. Through the use of solar panels, LED lighting, composting, etc., you can create an environmentally friendly community for your residents!
Are you ready to get started with clean, sustainable, and inexpensive solar energy? When you contact Cedar Creek Energy online or at (763) 432-5261 you’ll receive a free energy audit for your development or multifamily dwelling. Give us a call today!