Thoughts on solar panels?

[Heather Schmidtknecht]

I’m intrigued by solar panels and if this is an opportunity to add value to my property as well as increase monthly income. However, I really don’t know anything about them and am relatively new to being a landlord, so I’m seeking your thoughts!

Here are the numbers I have so far:

Solar panel & installation quote: $18k

Average electric bill $100/month (which tenant pays)

Supposedly, there are incentives from electric company as well as potential tax deductions... am waiting to see these things in writing.

I was thinking if the cost of electricity is $100/month and that would go away, I could raise my rent since the tenant would not have to pay electricity. Plus, I’m thinking it would add value for resale someday? Not sure?!?