Yes, and here are the reasons why!
Solar-powered homes sell 20% faster, according to the National Renewable Energy Laboratory and it is a trend that we are starting to see in the Australian property market too.
In addition to the ongoing benefits from living in a solar powered home, you may be looking for ways to boost the value of your property prior to selling or are trying to add a new feature to make your property rental more attractive to prospective tenants. Here are the reasons why Solar sells your home higher:
- Drastically Reduced Electricity Costs
If this is true, solar power is a powerful way to add value to your home – more than any other costly improvements – because everyone consumes electricity. If you are offering reduced power bills through solar power, who would say no to that? Buyers will view your home more favourably if it comes with free electricity.
With the abundance of the Australian sun at your disposal, there is a strong emphasis on renewable energy, with public awareness is at an all-time high and many Australians are quite knowledgeable on how solar panels work. Again, this could work in your favour when making solar panels a selling point of your property.
Since the price of electricity in Australia continues to rise year after year, the advantages of a solar home become even more evident in the future.
- More and More Australians are Going Solar
Solar-powered hot water systems have been around for quite some time, and there are more solar panels on roofs these days than there were even five years ago.
The latest numbers show that up to 21% of Australians have chosen to use some form of renewable energy to power their homes for jobs such as heating water to a complete solar system that feeds excess power back to the network.
- Ecologically Friendly
For prospective buyers looking to reduce both their electricity costs and carbon footprint, purchasing a solar-powered property is an attractive proposition.
- More Panels, More Value
The more solar panels are on the roof, the higher the value of your property. Research estimates an increase of almost $6000 per kilowatt of solar energy or over $29,000 in retail value per 5kW installation.
According to the Australian Bureau of Statistics, going solar can increase the value of a property by over $30,000 – that’s a return of over 200% when you sell!
Why do solar homes sell faster?
- Tax Rebates
Aside from the fact that solar systems are more environment-friendly and they lower or eventually eliminate electricity bills, they also allow homeowners to take advantage of tax rebates and credits, and they do not require much maintenance.
- Perceived Value
Since solar-powered homes are now viewed as more valuable than standard property, people are willing to pay more for homes and buildings that already have solar panels installed.
In one study in the United States, researchers found that solar-ready homes sold 20% faster and for 17% more than a house without solar.
Furthermore, a report by Origin Energy revealed that 57% of homeowners said they were willing to pay up to $10,000 more for a home that is already equipped with solar. 60% of those respondents would even pay more for a home with both solar panels and battery storage.
- Increased Rentability
If you have investment properties, you could also benefit from how people view solar power positively. The same report showed that 55% of renters would be willing to pay up to $10 a week more for a property rental powered by solar energy.
- Solar Panels are a Present and Future Investment.
Even if you do not have plans of selling your home, installing solar systems is still a sound investment. You could cut down your electricity bills in half or even pay zero dollars in some cases.
Premium-quality solar panels have an expected lifespan of at least 25 years, so you’ve got plenty of time to decide whether you want to keep or sell your house.
As a homeowner, you are always finding ways to increase the value of your property, in case you decide to sell in the future. And solar power is probably the best way to do that.
Think about your next upgrade. Redesigning your landscape or repainting the walls are purely visual enhancements. They do not do much in terms of functionality. While these aesthetic renovations may appeal to some buyers, there is no guarantee that the new look will justify the cost of the upgrade.
Another popular and expensive upgrade is installing a pool. It may be appealing to families who love the outdoors, but not everyone wants a pool. Elderly couples and households with small children might not prefer a house with a pool because it is dangerous and difficult to maintain.
On the other hand, a functional upgrade like solar panels is sure to benefit buyers in what matters the most – saving money and the environment.
If your home comes with a complete solar system, buyers are certain to generate cheap electricity for the lifetime of the panels. Therefore, updating your property with a solar installation is definitely a more worthwhile investment compared to other possible renovations.
How to invest in Solar Power
A smart buyer looking to purchase a solar-powered home will always ask for documentation to ensure that the solar panels were set up properly. If you are selling, you must show proof that a reputable solar company installed your solar system and that it saves you money in power bills.
Are you ready to go solar but do not know where to start? We can help guide you from start to finish.
Here at Aztech Solar, we offer bespoke solar solutions that are affordable, reliable, and installed with industry-leading warranties. Aztech Solar services Newcastle, The Hunter Valley, Port Stephens, and The Central Coast and vigorously adopts installation standards set by the Clean Energy Council and only employ CEC-approved and qualified electricians.
Our electrical cables are TUV approved and PV1-F rated, which is double insulated to ensure fire safety. We enclose all cables within your roof space and pin heavy-duty conduits to the roof beams to keep them neat and tidy.