When thinking about solar power, most of the people think about slashing their electricity bill.
BUT HAVE YOU EVER THOUGHT ABOUT HOW DOES A SOLAR SYSTEM IMPROVE DRAMATICALLY THE VALUE OF YOUR HOUSE?
One out of every five Australian households are turning to solar energy for their electricity or hot water, new data has reveled.
The Australian Bureau of Statistic reports that its latest figures show that 19 per cent of households nationally now currently either rooftop solar panels or solar powered hot water systems – up from about 5 per cent back in 2011, when the ABS first started publishing statistics on solar.
“Add in solar hot water heating and we’re up to 19 per cent, so one in five households are now using some form of solar power.”
A an addition to the obvious benefits of having a solar PV system installed on your home, shed, or office–savings on electricity bills, a carbon emission-free power source, going solar could also potentially increase the value of your property. There are two primary reasons for this, both of which are fairly obvious: a reduced cost of electricity and a favorable perception of solar power with the Australian population.
Given the rise of positive public sentiment towards solar (8 out of 10 people have a favorable opinion of solar energy) and the obvious financial benefits in Australia, it seems unlikely that a home’s having solar panels would be a disincentive for future prospective buyers. It’s difficult to say just how much, and ultimately the determination is of course up to the reader, but it seems likely that the presence of a solar installation will be of benefit and not detriment to an Australian home-seller.
The exact numbers vary from property to property and installation to installation, but recent research shows an average increase in resale value being $5.911 for each 1 kilowatt of solar installed.
The property value advantages of solar energy only increase as you scale up. Installing 5kW of solar panels adds an average of $29,555 to the retail value of a medium-sized home.
It’s important to note that these statistics only apply to today’s housing prices and utility rates. As electricity prices go up (as they most certainly will), the advantages of solar energy rise proportionally as well.
In addition, installing solar panels not only helps you fetch a higher asking price, but it can also help your home sell 20% faster compared to properties without solar installations.
Installing solar panels is one of the safest and wisest investments you can make when improving your home.
- You enjoy electricity bill savings . As utility rates increase, those electricity bill savings grow increasingly large with time. Even if you never sell your home, your installation will end up paying for itself.
- If you do decide to sell, your property will worth more than it would have been worth without the panels, and you then make some money back, on the initial cost of the installation, on top of all the savings you already made, unlike most investments on the market, you actually begin enjoying those returns on Day 1.
In Australia, a 2010 report from the Australian Bureau of Statistics suggested that increasing the energy rating of a house worth $365,000 by just half a star could increase its value by an average of $4,500.
While figures will vary from source to source, and more hard data would certainly be of benefit, the trend is clear – an increase in property value is yet another benefit to going solar.
For more information about solar energy, and get a free quote, visit www.solarchoice.net.au