Are you considering investing in renewable energy for your property but holding back because you are not sure if that is the right decision?
Solar panels seem like a no-brainer especially considering current scenarios of energy markets and power bills soaring high and Australia being blessed with profusion of sunny days. Australians are planning to invest in renewable energy mostly favoring solar energy because it is widely adopted and accepted globally. Additionally, there is a high level of public awareness of solar energy and how solar panels function, which is an advantageous aspect while marketing your property for sale.
How much value does solar add to my property?
In addition to lowering monthly power costs, installing solar panels at a property also boosts its value and solar panels increase the value of your home since they save energy. Consider this, every dollar you save on your quarterly bills, is adding a significant value to your property.
There are various evaluation and analysis methods designed to understand how much extra value panels add to your property. The factors that cause variations in the valuation of property, in terms of solar PV panels are:
- Number of panels on the roof
- Existing warranties on the solar products installed
- The size of the solar PV system
A win-win situation for landlords and renters
Renters wouldn’t mind paying some extra bucks if they can save on their electricity bills. Especially in the current times, when electricity bills are soaring high and squeezing the monthly budget. Moreover, the electricity prices in Australia have almost risen by 80% in a decade, making solar investment more attractive for the renters and landlords both. On an average, a typical 6.6kW solar system can slash down your quarterly bills by 70-80% (the figure is subject to change based on the property location, current bills, energy consumption pattern and type of solar products installed). However, an average household in Australia saves around $1000 per year after solar installation.
I am concerned about the upfront cost of installing solar
We do understand the property sale figures, how the renters would be willing to pay extra bucks and how solar saves on electricity costs. Solar prices have fallen by almost 50-60% since 2012. In 2012, if you had to invest in a 5kW system, it would cost you around $8000-$1000. Now, you can easily install a 6.6kW solar system under $5000. The federal and state government offers financial incentives in form of rebates to support transition to clean energy and reduce the cost of installing solar (which reduces the 50% cost of solar). Arise Solar offers solar installation at $0 upfront cost helping Australians smoothly transition to renewable energy through its flexible solar payment plans, which means BUY now, PAY later as you save through your electricity bills.
I am not really looking at selling my property
Whether or not you are looking at selling your house, adding solar panels will still have a lot of great benefits. There are various benefits of installing solar including finance and environment, you might know about, consider learning about 10 benefits of solar energy you might know. An average Australian household sees a return on investment of 20% annually after the system has paid back for itself. A typical 6.6kW system pays for itself in 3-5 years of time, providing the owner the amazing return on investment for the rest of the year over the lifespan of the Solar PV System.
Consider the warranty, quality and number of solar panels
The quality, quantity and warranty of installed panels and inverter may determine the value contributed to your home. When making a solar investment, it is necessary to learn about the quality, warranty and brands of panels and inverters installed at your property. If a potential buyer is considering the worth of the solar panels while proposing an offer on your property, they will be inquiring about these questions.
The questions you might want to ask your solar retailer before signing the solar deal:
- What size solar system do I require based on my electricity bills?
- What are the warranties on the panels and the inverter?
- Is my solar system battery compatible?
- What is the size of panels and the inverter capacity?
- What is the efficiency of panels and inverters offered?
Lastly, considering checking the online reviews of the company, customers can speak a lot about the company’s services and products.
If you have reached here reading the article from scratch, you might as well be aware now that solar is a smart investment. As much as solar is a good deal for homeowners it is equally beneficial for the investment property. Keep in mind that there are various ways to reduce or avoid the upfront costs like rebates and finance options. However, whenever making an investment it is necessary to evaluate the options available. Our team at Arise Solar can help you get 3 obligation free quotes for the solar system for your property and assess your electricity bills and guide you through the entire process to make your solar journey hassle free and worthwhile.