Most people appreciate the exciting fact that when you’ve installed solar panels on your home, your electricity bills are likely to drop and you’ll start to see savings and a financial return fairly quickly. However long term, there may be further benefits for you as a home owner with solar panels increasingly seen as a means of actually adding to the value of your property. If you are looking at adding Adelaide solar panels to make your investment property increase in value and decrease the bills, read ahead.
What’s your solar panel situation?
When trying to figure out how much solar panels will increase the value of your home, there are a number of factors that you’ll need to consider:
• Where do you live? Consider whether you live in a climate that has year round sunshine and your solar panels can be effective in supplying almost all of your electricity needs. If so, it’ll be an attractive addition to potential home buyers. There are also specific areas of the country or even within states that are more active solar markets than others so research how developed things are around your location
• How many solar panels are you installing? The amount of value you can expect to add with solar panels will depend upon the size of your specific installation. A large and good quality amount of solar panels will almost certainly increase the value of your property
• What’s the current economic status? Although it’s important to realise that the general economy will always affect electricity supply, it’s actually fairly likely that utility rates are only going to increase rather than drop. This makes solar panels attractive all over again to a home buyer who will benefit from savings gained from reduced utility payments.
Bearing in mind that a solar panel system should generally operate without any major issues for up to 30 years, your installation will more than likely pay for itself.
It’s hard to give a general format to calculate the savings you might expect on increasing the value of your home through installing solar panels, however generally every dollar saved on an electricity bill will translate directly to an additional amount onto your home’s value. Some solar companies will be able to give you an estimation of how the resale value may increase with each 1 kilowatt of solar that is installed.
Utility bills rarely drop and with electricity prices predicted to rise for the foreseeable future, it makes sense that solar panels can increase the value of your property.
Speed is key
Solar panels are great for producing quick results. Not only will you see your electricity bills drop immediately once the panels are installed, you may also see a change of pace in the interest you receive on your property.
Many real estate agents estimate that installing solar panels can result in your home selling between 15 and 20% faster than those that do not have solar panels. Ask a local solar panel installer like ionics.com.au to get more precise information on savings, installation costs and property benefits.