More and more of us are looking for ways to add value to our homes. When looking to increase property worth, many homeowners look to make aesthetic changes that increase the kerb appeal of their properties when they should be making cost-effective practical changes that can improve the functionality and efficiency of their homes.
Solar power is perhaps one of the best ways to increase the value of your property whether you’re looking to sell or rent out your home, or you’re planning to continue living there. Read on to find out exactly why solar power is a beneficial way to add value to your property.
Image: Essential Solar
The benefit for owner-occupiers
If you have no intention of selling your home just yet but still want to make sure your property holds on to its value until the time comes, solar power is a great option for you. While a simple aesthetic change to your property may well increase your property’s kerb appeal and market value, it in no way improves your own financial standing, and you may find that by the time you’re ready to sell your property, the work you carried out now looks tired and outdated.
Instead of looking for aesthetic improvements, you’d be better off making a practical change that you can benefit from. When you install solar panels you’ll not only benefit from adding value to your home when it comes time to sell, but you can make huge financial savings on your energy bills! You can choose to simply install enough solar panels to reduce your own bills, or you can install more than you need and sell the excess energy you generate back to the grid. Not only will you profit from the energy you generate, but you will make financial savings on the cost of repairs and maintenance because unlike traditional energy providers, solar panels are almost entirely maintenance-free!
If you generate more electricity than your household uses the excess electricity goes back to the grid adding a credit to your electricity bill. Image: Essential Solar
The benefit for sellers
If you’re looking to sell your property and maximise profit, you’ll find solar panels very useful. Research conducted by finder.com.au indicates solar panels are a highly desired feature of a property. In fact, 33 percent of the 1043 Australians surveyed indicated solar panels was the feature they found most attractive when buying a new home.
The benefit for landlords
There are also financial gains to be made for landlords renting out their properties too. As solar panels reduce energy bills, renters are happy to pay more in rent knowing that the solar panels counteract the increased rent cost and ultimately save them money. This means landlords can benefit from increased rental income for however long they rent out the property. With electricity prices predicted to rise by up to 20 per cent this financial year, solar energy will become more of a desirable commodity and allow the landlord to justify continually increasing the price of rent over time.
On top of this, because the value of solar panels is common knowledge, landlords will find that their properties are in higher demand than those without solar panels and are less likely to go unrented. This means that the landlord is less likely miss out on any rental profits for long periods while finding new tenants.