Solar Panels to offset cost of Electric Heat?

[Alex Houser]

Hey everyone,

Does anyone have any experience installing solar panels on a rental property to offset the cost of electricity? 

I currently own a "house-hacked" duplex where my wife and I live on the first floor and the second floor is rented. The issue I'm facing at the moment is that there is no gas to the house - everything is electric, including heat and hot water. There are gas lines in the street, but obviously the cost of upgrading the home to gas is considerable (albeit probably less than installing solar.) By way of reference, I'll share that the 3 bedroom, 1 bath apartment we rent goes for about $2,000 - $2200 market rent, and the electricity bills average between $400 - $500 per month. This cost is considerable, and although my tenants pay for their own utilities, I'm wondering if there would be any benefit to installing solar.

Some questions I'm asking myself (and others) are

• Is there any potential revenue creation from installing solar and have tenants pay me instead of the utility company?
• Will installing solar truly offset such a significant electricity cost?
• Will the ability to offset electricity costs for an all-electric home create a wider tenant pool for future rental?
• Is it more financially viable to simply install gas?

Any input or experience you're willing to share would be very helpful and appreciated!

Thanks for reading,

Alex