If you’ve been wondering whether solar power is worth it, research shows that it not only produces clean and reliable energy, but also boosts the value of your property.
The popularity of solar panels in Australia has exploded in recent years. In fact, Australians are the world leaders in rooftop solar, with one in five homes now using solar panels. This means there are more than 2 million households with solar across Australia. Solar power is even more popular in Queensland and South Australia, with 30% of households using it.
So why is solar so desirable? It’s well known that solar can dramatically reduce your electricity bills, and contribute to cleaner energy, but there’s another important reason that people invest in it.
It turns out that solar also increases your property value. This is because savvy consumers know they can save an average of $540 off their annual energy bill by installing solar panels. Plus, the trend of rising power prices means solar will only continue to become more valuable in the years ahead.
Considering the popularity of solar, it’s not surprising that it has become a key feature potential buyers look for when choosing a home. Plus, in the same way a spacious kitchen and modern bathroom adds value to your property, buyers are willing to pay more for it.
Australian and international research has found that solar panels add a premium to the overall value of a home when it comes time to sell. Researchers at the University of Wollongong have found that properties with energy efficient features such as solar panels fetch higher prices on the housing market. Their report found that homes with the highest energy efficiency ratings added 10% to the asking price.
Overseas, researchers at Berkeley Labs have found that houses with solar systems installed can add an extra USD$15,000 to a home’s value.
Likewise, solar adds value to your investment property too. A survey by realestate.com.au found that three quarters of renters would pay more to live in a home with solar panels, with almost half of them saying they would be willing to pay $10 extra per week.
In other words, you can feel confident that your investment in solar energy will pay for itself over its lifetime, whether or not you sell your home.
To make your home even more attractive to potential tenants, pair solar panels with other measures to save electricity use such as energy efficient appliances, ceiling and floor insulation, and draught-proofing doors and windows.
These simple and effective measures could be the smartest way to make your home stand out from the pack when you are looking to rent or sell.
How to choose quality solar for your home
So you’re interested in exploring solar further? The good news is that quality solar panels can continue to produce electricity for more than 20 years. Unfortunately, there are inferior solar panels sold in Australia, which are hard to tell apart by looks alone. These low-grade panels aren’t reliable and won’t give you the best results when it comes to producing energy, so it pays to do your research before you buy.
A good installation company will give you the right advice about which system will suit your household’s energy usage. They will take into account all the factors that can affect the output, such as the size and slope of your roof, which way your house is orientated and whether nearby trees will shade the panels. This will help you decide which system is right for you.
Additional benefits such as feed-in tariffs — where you are paid for sending excess electricity back to the grid — differ from state to state and government policy changes regularly. So it’s important to speak to experts to ensure you are getting accurate and up to date information.
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