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Do Solar Panels Increase Home Value?

October 19, 2020

Preparing to sell your property but confused about how to boost your home value to make it stand out in the real estate market?

While repainting or grooming the lawn can give a fresh look to your house that might ‘up’ its value, it is not long-term. Investing in a solar system for your property is a smart idea as solar panels can last for 25 to 30 years and have several advantages to attract buyers.

Why Home Buyers Choose Solar?

As outlined in our last blog, solar power is the most abundant and renewable energy resource and with Australians enjoying plenty of sunlight, solar panels are their first preference. Moreover, the environmental impact of global warming has prompted several Australians to join the global trend of investing in a sustainable and clean energy future that reduces their carbon footprints. As greater public awareness precedes the adoption of solar energy, more and more people are looking for solar panels during house-hunting – this is something that you can use to your advantage when selling your solar-powered property.

Many buyers don’t mind spending a bit more when purchasing a property if it gives them good returns in the long run. If the purchasers are worried about the increasing electricity costs and massive maintenance requirements for the power system, they would definitely opt for houses that already have solar panels installed. In this case, your house run by solar energy is an absolute win for potential customers.

The installation of a solar system can save almost half of the user’s electricity bill. According to an article published by Solar Quotes, a 6kW solar system in a household of five people generated a quarterly electricity bill of $502 as opposed to a $930 quarterly bill before installing the solar panels and in a year, they saved a total of $1,600. No wonder more than 2.53 million Australian households have installed solar power systems, and the demand is constantly increasing.

How Much do Solar Panels Cost?

The price of solar panels depends on the size of the family and their energy consumption as well as the number of solar PV panels installed in the household. At Solar Miner, a 6.6kW solar system costs approx. $2,491 after a government rebate of up to $1,850. This is a very nominal amount that you would pay to leverage the net worth of your property as compared to adding a swimming pool or modernising the kitchen that can cost you a fortune.

Take the Next Step

Now that you know how installing solar panels can make your property value shoot up, let us help you find a solar PV system that fits your budget and the size of your home. Speak with one of our expert solar consultants today.

Solar Miner is the most trusted provider of solar panels in households across Victoria including Geelong and other regions. To know more about residential solar, click here.

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