Auswell Energy provides insight into the long-standing question “Does solar cost more for renters in the Gold Coast, Brisbane and surrounding suburbs?
Unpacking a new study led by Rohan Best, Senior Lecturer from the Department of Economics at Macquarie University, Sydney, Auswell Energy debunks if solar costs more for renters in the Gold Coast, Brisbane and surrounding suburbs.
In his study, Rohan states “this study finds that Australian renters with solar panels pay approximately A$19 more in weekly housing rents than non-solar renters.” Breaking this down, this suggests that landlords are benefiting from investments in solar panels through higher rent, with a payback period of around five years.
What This Means for Landlords
For a system worth $5,000 mark after subsidies, renters would pay around $19 a week of rent boost for around 5 years. $5,000 will buy a system in the 4kW to 6kW range in the market right now, according to SolarQuotes’ Australian Solar Price Index. Meaning, landlords will not only be receiving more for rent but also increase the value of their investment property itself by installing solar.
MAKE THE SWITCH TO SOLAR ENERGY
What This Means for Renters
As for renters, they can save around $1,200 a year on their electricity bill if a 5kW solar system was installed. If a larger system was installed, say a 6.6kW, renters could save around $1,500 a year.
Incentives for Landlords
Landlords qualify for Australia’s solar rebate, with some states even having additional schemes. This means landlords will save money when purchasing a solar system, and on electricity bills as well as increase the value of the home upon selling.
In the eyes of a renter, a home with solar installed is incredibly desirable. While there is no shortage of renters now, solar could give landlords a competitive advantage for quality renters.
A tip for landlords to keep in mind is that for larger family homes, a 6.6kW solar system is worth the investment, providing great savings on electricity bills and bang for your buck.
Renters find solar attractive not just because of its financial benefits but also its positive environmental impact, therefore properties with solar are going to be their first choice when selecting a rental.
It would be great to see more landlords install solar, as it appears to be a win-win for everyone.
If you are interested in solar installation, Auswell Energy are the experts in solar and puts quality customer service and products above all else. We specialise in solar power installation for residential properties on the Gold Coast, Brisbane & surrounding areas, including Tweed Heads.
SHARE THIS ON: