Why Installing Solar Panels To Your Home Can Boost Property Value?

Given the current need to reduce your power bill, you may want to reduce dependence on traditional power grid systems and install a solar system in your home (to meet your current needs). It should be pointed out that the initial outlay may seem a tad steep, but you will be able to recoup your solar investment in a matter of few years (depending on your location). 

Currently, there are over 2 million homes outfitted with solar power in Australia, and this number is bound to increase further. The fact is that solar power is good for the environment, it does help you to cut back on your electrical bills and importantly, it can help boost the value of your home as well. It is a good idea to search online for solar panels in sunshine coast, as that should give you a perspective on properties with solar panels, located elsewhere. 

Here are a few pertinent questions that you may want to take a closer look at:
  • Do Solar Panels increase the value of the property?

Across Australia, solar power installation should increase the value of your property by an average of 4.6% but this depends more on your location, the type of solar power installation and the current real estate prices as well. In other words, if your home is currently valued at $226,300 then you can expect an increase of nearly $9000 on the value of your home. This statistic is based on actual data of homes sold for last year, with solar power installation and those without. The boost to your property also depends on the type of solar power installation and whether the solar system is equipped to meet all the current electrical needs of your home.

  • Can this Boost to your Property Valuation be Expected Anywhere?

Yes, but the overall price differential would differ from one location to another; for example, you can expect a higher boost to your property valuation for metropolitan cities than those located in rural areas. So a property located in Sydney will get a much higher boost to the base property value, than say a property located in the middle of Alice Springs, on account of solar power installation.

  • Are They Worth the Investment?

In one word yes; on one hand, depending on whether you go in for partial installation or a full installation, you can increase the value of your property. For another, you can now meet your current electricity requirements and reduce your dependence on local power grids; this should enable you to reduce your utility bills. Moreover, any initial investment you make towards solar power installation, you can recoup in a matter of a few years.

  • What about Perks and Incentives? 

Most governments have instituted various perks and incentives that are meant to encourage both homeowners as well as business houses to opt for solar panels. Australia has instituted a form of solar panel tax credits where you can get a rebate on your tax, depending on your solar panel investment. With such policies, installing solar panels to meet your current residential requirements does seem to be a great idea. But you also need to weigh in all the factors including the fact that you would be required to shell out for the same. Solar panel installation is not cheap but it does come with some fantastic dividends that you can take advantage of.

  • How does your Property Fare Up?

If you are curious about finding out if you can install solar panels in your home, then you need to check out Google’s “project sunroof”. The project currently factors in the local rates, the cost of solar panel installation and lets you know about estimated savings, the time it will take you to recoup on your investment, weather patterns, roof shape, current electricity rates and how much you can save. 

As you can see, it is indeed a good idea to install solar panels in your residence since you can also boost the property value apart from saving on those huge power bills.

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