When you are selling your home there are various ways to maximise the selling price and having eco-efficient features like adding Solar Panels is one of them. Sustainability has great appeal for younger buyers, or for any buyer wanting economic efficiency.
Solar Panels add value
Adding Solar Panels is a long term prospect before it covers costs, but it starts delivering returns immediately. If the home you buy has Solar Panels you benefit from the word go, saving money on bills without having to install the system yourself.
How Solar Panels work
The most common solar power system is photovoltaic (PV) which is grid-connected. The roof-top Solar Panels are mounted with inverters that convert solar power from the direct current (DC) to alternating current (AC). The house then uses the solar power system for its main power source, but relies on the grid for back-up power when needed.
Alternatively, battery storage units can be used to stockpile power from the PV solar power system which is used at night, or other times of high demand.
Besides saving on bills, you often actually produce money with your solar panels & solar power PV system. The ‘feed-in tariff’ is the amount you’ll receive for power generated by your own system, that returns to the grid. Tariffs can vary depending on your particular electricity retailer. You should check retailer’s rates when selecting solar panels &/or solar power system to put in, to be sure you gain the best advantages and the money saving process will perform as well as possible.
Solar Panels can add value of up-to $30,000, its claimed
Not all renovations or changes you can make preparing for a home sale will increase the value enough to justify the cost. But the benefit of adding solar panels is easier to assess.
Drilling down into specifics, it’s possible to assign an increase in resale value of approximately $6000 for each kilowatt of solar panels installed, according to research.
It may vary from installation to installation, but it’s claimed if you install 5kW of solar panels you can add about $30,000 to the selling price of a medium-sized home.
Energy efficiency is expected with Solar Panels
Energy efficiency plays an increasing role in potential buyers’ expectations.
Most potential home buyers will have been to see new homes or apartments in their travels. That means they have seen plenty of regulated new home energy-saving features in place. They will most likely be well aware that a household can reduce 40% of the average household’s energy consumption by using energy efficient strategies which include having solar panels installed.
When you’re paying off an expensive mortgage, that kind of saving becomes critical.
With Solar Panels your roof is a valuable asset
Unless it’s leaking, your rooftop is often out of sight and out of mind. But home sellers should recognise it’s a significant asset if it can carry enough solar panels.
Published research (Realestate.com.au & Origin Energy) revealed 85% of Australians say homes equipped with solar panels are more valuable. 78% believe solar power hot water systems increase home value.
In the survey three quarters of all renters reported they would pay more rent to live in a home with solar energy, with 2 out of 5 claiming they would happily pay an extra $10 a week.
This is great news if your potential buyer is an Investor looking to increase the home’s rental appeal.
It’s great to have a roof over your head. So if you have an old roof, make sure it’s in good condition! Even an aged corrugated iron roof can be reconditioned enough to take solar panels.
Apart from Solar Panels here are more energy efficiency selling tips
Plantation shutters have been very popular over the last few years for good reason. They look great, giving a home an instant upgrade in street appeal from the outside, and contemporary style inside. But of course they also do a great job helping to keep heat out in summer, or in, in winter. Energy consumption is reduced.
Have you checked your existing lighting technology? LED cost less to run than halogens. And of course sunlight is the cheapest of all. Skylights will deliver pleasing light to rooms with low natural light, improving the atmosphere and increasing the feeling of space in the home. And it cuts the need to use lighting there in the daytime.
Is your home adequately insulated? Knowing a home has updated ceiling insulation is reassuring for a buyer. It can be a messy job clearing out an older home’s roof-space and getting the insulation installed properly.
Double glazing helps insulate against weather extremes if your home has an elevated position or you have large windows facing prevailing winds.
An energy efficient home with Solar Panels could translate into a higher selling price
In 2008 a Government study (ACT) determined how energy efficiency can affect the selling price of homes. When buyers were faced with two homes similar in all other respects, the home with energy efficient features could command a higher price.
Certainly, when added to other measures you can take to prepare your home for the best selling price, it gives you an added edge if your home has an energy efficiency story.
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