Whilst most people understand that solar panels can save them money, not everyone knows how it can capture the interest of those looking to buy!
Home is where the heart is. If you are a property investor, you understand the importance of creating a space that others can call ‘home’ too. But not every change you make will recoup the cost paid with the increase of your property’s value, or attract the buyers looking to buy into the area.
A stone firepit, for instance, might not be a home improvement valued by families with children; and while a pool always makes a space look more appealing, the buyers in the area might not be looking forward to the maintenance required for one.
However, there is one thing that no homeowner can claim they can’t live without – electricity!
A Solar Energy System Is an Asset
Based on that factor alone, it is hard to deny that the Australian public has a positive outlook on solar panels. After all, public perception matters. It is an indicator of the price that buyers or renters will be willing to pay based on the attributes of your property.
However, the appeal of a solar powered home can also be backed with numbers:
In a Zillow report, solar powered homes sold for an average of 4.1% higher compared to ones without in the US. But what about in Australia?
Also in Origin’s 2018 survey, 57% of homeowners said they would be willing to pay up to $10,000 extra for a house with solar. An increased 60% said they would be willing to pay at least that for a solar energy system with batteries.
With all that being said, it’s clear that solar panels are a prime asset today for the property investment market.
Solar is a Selling Point
Reduced Energy Consumption
One of the primary purposes of installing solar panels is to lower the costs on energy. By adding a power source to the property, the new homeowners can look forward to a home that shaves the expenses off their electricity.
As electricity costs are always expected to rise, a solar energy system therefore becomes a great asset in raising the value of your home.
More Environmentally Friendly Energy
Australians reportedly value renewable energy to reduce their own environmental impact.
A lot of research shows buyers and renters saying that they would be willing to pay more for a home with solar panels, whilst citing environmental reasons as a strong contributing factor.
Decreased Reliance on a Provider
Whether it’s wanting to reduce the amount of coal put out into the atmosphere or wanting to reduce your electricity bills, a house with a solar system is able to help save you money while also generating energy for your day and night time usage.
Homes that have solar power installed normally go off the market sooner as they are more energy efficient. Home buyers and tenants can look forward to purchasing a property that basically powers itself.
Sell The Property Faster
Solar Incentives Based on Your Region
You may also have additional incentives for installing solar energy system based on where you live via state and suburbs. Make sure to check out the Australian Government’s solar incentives based on your region, to see how you can get the best deal for your installation.