Payback periods for solar systems are dwindling, which is a good thing as that means solar is becoming more profitable. Solar can also be a great but overlooked method of adding value to your home in Australia.
A Marketable asset for your home
It’s time to say good-bye, your solar PV system served you well but its time to move on, awaiting to dutifully serve the next owner. Solar is very marketable due to the numerous benefits it brings. According RealEstate.com.au and Origin Energy, 57% of homeowners are willing to pay up to $10,000+ for a house with solar installed. This amount increases all the more when energy storage is included. This creates little doubt that solar will always add value to your home even now.
Solar comes with universal acclaim
Most home improvements will fetch a good price for your home. Be it, adding a pool or remodeling your bathroom or kitchen, but not everyone might care, some might not want the hassle of maintaining something like a pool. Solar however, is mighty useful as everyone needs electricity of some sort in their home. What’s more if prospective buyers were aware of how much savings they could get on their electricity bill, solar would be a huge selling point. It may even make your home sold faster.
Beneficial for landlords and renters alike
Not surprisingly, renters indicated that they are willing to pay more for rentals with solar installed due to the direct savings on their energy bills. This creates a sense of comfort as they won’t have to worry about fluctuating energy bills that just opens up a casket of other things to worry about. Coming form this, landlords can charge and will actually be also increasing the appeal of their property and it is more likely to be rented out all the time, there is a lot of value in that.
In South Australia, as part of the Sustainability Incentives Scheme; rental providers are eligible to up to $5000 rebate for solar pv systems on tenanted households along with up to $1000 rebate for solar hot water. What’s more, there is a up to $20,000 rebate for a solar array in a apartment, that provides electricity to multiple spaces.
But what about the upfront cost?
Although the price of solar panels has fallen dramatically in recent years, they still have an upfront cost that might feel like a barrier for some homeowners.
With the Federal Government aiming for carbon net zero by 2050, there are boatload of incentives in every state for solar. Ranging from subsidies to interest-free loans, there are many options available to off-set the cost of purchasing. Furthermore, once installed you can also receive a feed-in tariff to help with ongoing costs while you still reside in your home.
Solar is becoming more and more accessible for all Australians.
Regardless of whether or not you decide to sell your home, installing solar panels will still provide fantastic benefits. In a few short years, you will recoup the upfront costs by saving on your energy bills. So, not only will the resale value of your home be increased, there will be the benefit of future savings if you don’t sell straight away. Solar panels are a great investment for homeowners and landlords, there are a great way to add equity to your property.
Natural Technology Systems are solar providers that have been in business for over 30 years, we are a business that South Australia trusts and provide expert, obligation free quotes and advice. We provide customers with the most cost-effective way to slash those power bills for your home or business.