Solar Panels for a Rental - Akron, OH

[Sean Lacey]

Hi! I'm an investor with a few properties in Akron and Canton, OH. I have a property that I'm currently living in but plan to turn into a rental once I buy a house in the next year. I'm considering adding solar panels to this house to offset the rising electricity costs in Ohio.

I plan on using the PPO strategy (renting the system) for the panels since the property is worth around $180,000 and is at the top of the market for its location in Akron. I will be living in the house for a minimum of 6 more months but I am sizing the panels for a family of 4. 

The monthly panel bill will be around $130. However, I will get a credit from the electric company for the excess electricity the panels produce. Based on the sight survey, my property has a 113% electricity offset with a 9.72 kW system. Given this information, do you think adding the panels to a rental property would be a good idea?

[Eliott Elias]

With the exception of a primary residence. I would stay away from solar panels. They kill your equity and make the sale extremely difficult for anyone. Most of the properties I take over subject to have solar panels. Most times the salesman sells them on a dream of having a zero dollar electricity bill, but never mention how the payments can actually kill you.