Solar PV System for Rental Properties in Victoria – All You Need to Know

Real estate can be an amazing investment and with the right investments, investors can benefit from dependable income flow, exceptional earnings, tax savings, and diversity. It’s also feasible to use real estate as a tool for capital formation.

However, the rising inflation rate in Australia has affected property developers, investors and renters as well. The bright side is the property prices are increasing, so if you have already invested in a property, it’s great! But at the same the purchasing power is decreasing and most of the individuals cannot afford to buy a property and investors find it tough to maintain them. 

Renting the residential and commercial property is one of the most effective ways to make some bucks for a long period of time.

Conversely, there are chances you can increase the valuation of the property and make it look more appealing for the buyers and renters. Solar PV system is an amazing investment for the investment property as well in Victoria. Let’s learn why?

Installing a solar PV (photovoltaic) system on a rental property in Victoria can be a great investment for both the landlord (rental provider) and the tenant. The Victorian Government offers significant incentives through its Solar Homes Program to make this more accessible and affordable.

Why Install Solar on a Rental Property in Victoria?

Benefits for Rental Providers (Landlords):

• Increased Property Value: Solar panels can add significant value to your investment property, making it a more attractive asset.
• Tenant Attraction and Retention: A property with solar is a major draw for prospective tenants, as it offers the promise of lower electricity bills. It can also lead to longer-term tenancies, reducing vacancy rates and turnover costs.
• Financial Incentives: The Victorian government provides a generous rebate and interest-free loan, significantly reducing the upfront cost of installation.
• Reduced Carbon Footprint: Contribute to a more sustainable future by reducing the property’s reliance on fossil fuels.
• Tax Benefits: The costs of the solar system, including installation and any loan repayments, may be tax-deductible.

Benefits for Renters:

• Lower Energy Bills: This is the most significant benefit for tenants. By using the solar energy generated during the day, they can drastically reduce their electricity consumption from the grid, leading to substantial savings.
• Reduced Cost of Living: With the rising cost of energy, a solar system provides a tangible way to manage household expenses.
• Access to Clean Energy: Tenants can enjoy the benefits of renewable energy without the need to own the property themselves.

Rebates of up to $1400 available for rented property

Solar Homes Program Victoria is providing rebates of up to $1400 for residential properties rented. This can help reduce the upfront cost of installing solar.

You can even receive an interest free loan of $1400 to further reduce the cost of getting panels on the roof. However there are various criteria for the same. Some basic criteria stated by Solar Victoria to be eligible for the rebates are: 

• A Solar Homes Rental provider-Renter Agreement is signed by the rental provider and all renters
• The property is currently tenanted with a rental agreement in place.
• There has been no prior participation in the Solar Homes program for that address

This is not it! There can be a few more conditions for the same. If you qualify for these basic conditions, get in touch with the Solar Miner team at 1300285885 to learn more about the eligibility and get a free rebate eligibility check.

How much can renters save with a solar PV system?

Considering you install a 6.6kW solar PV system in Melbourne, you could slash your power bills by 50-70%, meaning with this system size you could save up to $900-$1500 annually.

The solar for renters program Victoria offers the opportunity to split up the solar PV system expenses as well in the form of interest free loan with just $15-$30 repayment monthly. However, there are various other conditions and terms to consider before signing the deal. To explore more about it, speak to Solar Miner solar experts at 1300285885.

Get a quote from CEC approved solar retailer

Whether you are looking for a solar quote for residential or commercial property in Victoria, it is advised to get it from a CEC approved solar retailer only in order to ensure high-quality solar modules with exceptional warranties and quality solar installation. It is also crucial to keep an eye on your solar system production once the system has been installed to ensure it is performing well.

Solar Miner is a CEC approved retailer and one of the most preferred solar retailers in Victoria. Get in touch with our team today to explore your solar options and get the best solar deal for your property.