One of the biggest selling points for a home solar energy system, aside from off-the-grid power generation, electricity cost savings and environmental benefits, is the fact that it increases your home value. By just how much does investing in a solar energy system for your home increase your home value?
In the past, solar panels were not sought after because buyers were not informed enough to see the value in solar in such a way that it would influence their willingness to pay additional costs for a home with a solar energy system pre-installed. With the resurgence of load shedding over recent years, people have become increasingly informed about solar energy and its value and therefore it has become an aspect that buyers are looking for when purchasing a home.
According to several studies, the value of a property will increase between 3% to 4% when solar panels are installed. However, some factors will influence the increase in your property value, such as:
- Where your property is located
- The size of the installation
- The age and type of solar panels installed
- The savings expectations with the installed solar system
One source stated that if solar panels were to increase the value of your property, it would be up to R600 000 as this could include the costs of installation depending on the type and extent of the system.
Your property value increase directly relates to the number of solar panels your roof can accommodate and also the quality of the panels installed. Whilst solar panels may not always increase the value of your home itself, it can make your home stand out to potential buyers in a saturated property market.
Whatever your reasons for purchasing a solar energy system, you can rest assured that it is well worth the investment because of all the various ways that solar saves you, and even earns you money through the reduction in electricity costs, the ROI of the system and then of course the value it adds to your home.