The question as to whether solar panels increase the value of a home is a frequently asked one, and my answer is YES! The space on your rooftop is a valuable asset with untapped prospects spanning years. According to a recent poll, four in five Australians believed that installing solar panels increased a property’s value and added up to $10,000 to the overall price of a home.
Homeowners who install solar panels to power homes are likely to recover almost all their investment costs in case they move; and this is in addition to the annual energy cost savings. Apparently, installation of photovoltaic solar systems can reward you in more ways than a slashed electric bill. The research commissioned by Realestate.com.au and Origin Energy further revealed that rooftop solar panels ranked the #1 green feature for homes besides being an attractive addition to any property, thereby enhancing its appeal to buyers.
Solar panel installation, which is already saving homeowners millions of dollars annually on electricity bills, also adds thousands of dollars to your home’s value. This is big news to many homeowners and could just make a revolution in this field by changing how people perceive investment in solar energy.
Switching to solar is now becoming the safest and most viable investment you could ever make. By installing the right-sized system, investment in solar energy could potentially earn you a 200%+ return – obviously far more than any other financial vehicle on the market. What’s more, you actually start reaping those returns on Day 1 of installing the system.
Renters also voted in favour of solar panels, with 40 per cent of tenants stating that they would not mind paying more in rent for a home installed with solar panels. Phil Craig, the head of Origin corporate affairs added that the findings clearly indicate that empty roof space presented both owners and renters with greater opportunities to earn or save more money.
“This research demonstrates that in addition to the benefits solar can bring to household finances, it can also provide a real boost for homeowners if they decide to sell,” Craig said.
Henry Ruiz, the owner and operator of Realestate.com.au and the group chief product officer of REA explained that the research showed that buyers are now recognizing the solar panel potential of generating energy and that it’s certainly a strong pull factor for both home buyers and renters.
“Having solar panels installed on your roof represents a valuable investment in your property,” Mr Ruiz stated.
“If you’re looking to sell or lease your property, it’s a really simple measure you can take to gain a competitive edge in the market. You should also speak to your agent about mentioning your home’s solar power in your online listing,”
In a nutshell, investment in rooftop solar panels can be a long-term asset because:
- Solar system owners are guaranteed savings on their electricity over a 25-30 years period of their solar PV system’s lifespan. As utility rates continue to skyrocket, savings on electricity bill will also grow increasingly with time. What’s more interesting is that even if you never ever sell your home, the installation will fully pay for itself several times over.
- In case you decide to sell your home, you’ll fetch a much higher premium, which will exceedingly cover the upfront cost of installing the solar panels.