5 Must-Have Electrical Upgrades to Future-Proof Your Rental Property
Secure Better, Longer-Lasting, and Higher Paying Tenants Through Electrical Upgrades
In competitive rental markets, tenants have their pick of sustainable, high-tech living spaces. As a property owner, providing upgrades that maximize affordability, convenience, and safety is critical to reducing vacancy, increasing rents, and improving returns on your investment. The latest in EV charging, smart home solutions, energy storage, and security provide an enhanced tenant experience while maximizing your profits through higher retention and lower operating costs.
As the premier electricians in Gilroy, CA, and the Santa Clara Valley, Watson’s Charging Stations & Electric has a wealth of experience helping owners improve their rental properties. We’ve compiled a list of five electrical upgrades to future-proof your rental property.
1. Charge into the Future with EV Charging Stations
With increasing EV adoption, charging capability warrants premium rents. Surveys show stations can boost rents by $50-$200/month. As 20% of renters now consider EV charging availability as part of their housing search, adding a charging station will attract more tenants.
Depending on your property, a Level 2 Charger can be installed in a garage, carport, or driveway to meet the EV charging needs of single or multiple families. Even if you aren’t ready to install a fast charger on your property, adding a dedicated line to the place provides tenants with a safe place to use their standard Level 1 Charger.
2. Cut Costs with Efficient Appliances
Energy Star appliances can lower utility bills between 10 and 50%. Meanwhile, surveys show renters will pay more for eco-friendly housing. By providing an efficient suite, you stay competitive while improving your asset’s value and reducing operating costs through lower utility consumption and maintenance.
For example, an Energy Star washer uses 13 gallons of water per load compared to 23 gallons for a standard model. An Energy Star refrigerator consumes 25% less energy, amounting to $150+ in annual savings. As utility costs rise, efficient housing becomes increasingly critical.
3. Harness the Power of Smart Home Automation
Smart LEDs cut energy usage by 75% and last 25 times longer than incandescent lamps, reducing replacement costs. According to EnergyStar, automated thermostats can minimize heating/cooling usage by 30%. Monitoring adds security for insurance discounts of up to 15-20% per year. That means that adding smart home features not only attracts technophiles but also cuts down on costs.
For property owners who do short-term rentals, smart home tech like locks, cameras, and thermostats give you greater control and flexibility. Imagine being able to set the property’s temperature after guests leave or all renters the ability to self-check in/out.
4. Safeguard Your Investment with Smart Security
Security upgrades minimize liability risks and generate significant long-term savings. Smart solutions with professional monitoring optimize protection while reducing false alarms, which lowers insurance costs and reduces lost resources. Surveillance cameras act as a criminal deterrent, providing evidence of a break-in or tenant dispute and giving renters peace of mind that they live in a safe place.
Smart security is more than just adding cameras to a property. Property owners can benefit from a variety of smart features. Smart thermostats and leak detection devices provide monitoring and alerts to minimize risks. You can get mobile alerts for everything from water leaks to carbon monoxide build-up so you can take action to prevent property damage.
Surveys suggest tenants will pay up more rent for housing with monitored security. Enhanced protection and lower costs allow you to attract higher-quality tenants and charge premium rates.
5. Modernize Your Power Source
Updating old wiring and panels reduces hazards, provides additional capacity, and allows smart technology integration. Many older homes have outdated electrical panels that cannot handle the electrical demands of modern appliances and smart technologies. In fact, before you make electrical upgrades to your property, it is crucial that you have a licensed electrician inspect your electrical panel and wiring to ensure it is up to code, safe, and able to handle additional demands.
An upgraded and modern electrical system is appealing to renters by making the property safer, improving the efficiency of appliances and electrical systems, and adding additional functionality. Property owners enjoy increased property values and more attractive rental units/homes.
Electrical Upgrades: An Investment in the Future
While many property owners recognize that Implementing these solutions provides an enhanced tenant experience, lower turnover, and significantly higher rents, they worry about the upfront costs of electrical upgrades. Luckily, you are not on your own to cover the costs of upgrading your property.
Federal, state, and local programs incentivize home and property owners to make upgrades through tax rebates. In the fall of 2022, President Biden signed the Inflation Reduction Act. This game-changing piece of legislation rewards those who join the electrification movement through electrical upgrades. For example, the IRA offers up to an $840 rebate for purchasing an electric stove, cooktop, range, or oven. You can also get up to $4,000 for upgrading an electrical panel or $2,500 for electrical wiring upgrades.
Other programs, like the Residential Clean Energy Credit, cover the cost of installing energy-efficient equipment like solar panels, energy storage systems, and more. You can even earn tax credits to cover the cost and installation of electric vehicle charging stations.
Schedule Your Complimentary Consultation with Watson’s
There has never been a better time to make electrical upgrades to your rental properties, from advancements in technologies to available tax incentives. If you are in Santa Clara County, CA, and want to improve your home or investment property, contact Watson’s Charging Stations & Electric. We’ve been leading the electrification movement in the Gilroy area for years and are equipped to handle any electrical project you have.
Whether you’re exploring options, need an inspection, or are ready to start the installation process, let Watson’s Charging Stations & Electric be your guide. Give us a call to schedule your free consultation and to learn more about how electrical upgrades can turn your space into a safer, more attractive, and higher-producing property today.