Does Installing Solar Panels Increase Your Home Value?
Installing solar panels is a good idea for many reasons, but the initial cost can be a barrier for some people. Many solar customers can justify the cost because solar panels will add value to their homes, allowing them to sell them for a higher price than they otherwise would.
How true is this? So solar panels really increase your home value, and how much? And what factors impact how much value solar panels add? In this article, we’ll dig into these questions and help you get a better idea of how solar panels affect the value of your home.
Do Solar Panels Increase Your Home Value?
The short answer here is “yes”.
Generally speaking, a solar system can not only add value to your home but also help you sell it faster when the time comes. Research suggests that homes with solar panels sell up to 20% faster than those without, and the Real Estate Survey of Australia found that over 85% of people agreed that solar panels added value to their property.
This is all good news if you’re considering adding solar panels to your home since the increase in value can go a long way to offsetting the initial installation cost. But what are some of the factors that impact how much value your panels will add?
Factors That Affect Savings
Size Of Your Solar System
Probably the biggest factor in how much value solar panels will add to your property is how many you install. Studies have shown that each 1kW of solar you install can increase the value of your home by $5,911 USD, or $9099 AUD. That means a typical home solar system of around 4kW could add a significant amount of value to your property.
This is an important factor to consider if you are unsure about whether to add a few more panels to your system and are hesitating based on cost. Each additional panel will contribute further to the added value of your home.
How Sophisticated Is Your System
Not all solar panel systems are the same. Some are simply more sophisticated and advanced than others, and the quality of your system and associated infrastructure will have an impact on how much value it adds to your home.
Here are some of the key factors:
- Whether you use batteries, how many you use, and what type they are
- The quality of your panels
- Any additional equipment like protection from wildlife
- The age of your panels
Where You Live
Some areas are simply better suited to solar panels than others. Mackay, Queensland is an excellent choice for solar panels because of the consistent sunlight it receives year-round. Other parts of the world receive less sunlight, and so won’t get as much value from a solar panel system.
If your home is located in an area with lots of sunlight hours, a solar system will be considered more useful and will add more value to your home compared to less sunny regions.
How Well You Maintain Your Panels
If you don’t care for your solar panels correctly, they will degrade more quickly and be in worse condition for whoever buys your home. If your solar system is in shoddy condition due to a lack of proper maintenance, it won’t add as much value to your home.
Here are some steps you can take to maintain your solar panels:
- Clean your panels every few months
- Install critter guards to keep small animals from damaging your panels
- Have your panels inspected by a professional every year or so
- Keep an eye on the performance of your panels and look out for any unusual signs
Work With The Experts
At SnapSolar, we help homeowners and businesses throughout Queensland with everything related to solar panels. We can guide you through the process of choosing, installing, and maintaining the right solar system for your home and energy needs. We’ll answer all your questions, including how your solar panels will affect the value of your property. Contact us to learn more.
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