Does solar increase real estate value?
1st December, 2020
Solar panels are a popular way to reduce your household expenses, but can they even add to the value of your house when it comes time to sell?
Whether you’re moving to a house with solar or considering installing solar to increase your sale price, here are some basic things you should know about it.
What does solar do?
Solar panels are becoming more popular each year in Western Australia. So how does solar work and does it live up to the hype?
Rooftop solar panels capture sunlight, which goes through an inverter to change it into useable power for your home. This means that when the sun is shining, you’re taking less power from the network, thereby reducing your household energy costs.
You’ll generate the most energy when your solar panels are exposed to full sunlight. This will be sometime between 9am and 3pm in summer, depending on which direction your solar panels are facing.
How much does it cost?
Solar is one of the most affordable renewable energy sources available to West Aussies today. Solar panels have come down in price over the years. While there is a sizeable up-front cost involved in having panels installed on your roof, it will provide future savings on your energy bill.
The average price for a five kilowatt system is around $5,000 and they can take between two to seven years to pay themselves off.
On top of this, there can be ongoing costs like maintenance and cleaning, which can set you back around $200 a year. As with any electronics, you may also be on the hook for any repairs in the future, so it’s always important to check the warranty your solar installer offers.
A tip from Alinta: With solar, the time of day does matter. Look for changes you can make to ensure you’re using energy while your solar is generating. This will help to keep your energy bill down. Simple things, like running your pool pump or washing machine, or charging your mobile or laptop during the day, can help you save money.
So, does it add to my property value?
Most West Aussies say yes. We live in the sunniest state in Australia with over 3,000 daylight hours on average each year, so why not make the most of the sun?
When buying or selling, every cost adds up. Whether considering rates, strata fees, mortgage payments or energy costs, savvy buyers are always looking for the best deal. By reducing one of the major household costs, you can make a potential sale or rental that much more attractive.
So… is solar for you?
Well, that’s up to you. Solar panels are an investment. If you want to invest in future savings, solar panels pay themselves off in the long run and provide you with affordable, clean, renewable energy for years to come.
If you decide to get panels installed, make sure you put some time into researching the best solution and installer for you and your household. Check with the professionals and ensure your installer is accredited.