Solar energy is favoured by most of the Australian public as it emphasises renewable energy takes advantage of the abundance of sunny Australian weather. According to a recent survey, 77% of Australians think a house with solar is more valuable than those relying on traditional energy sources. The survey also reveals 57% of homeowners pay up to $10,000 more for a home equipped with solar panels. Solar panels in Sydney are among the most popular sources of renewable energy. The upfront costs associated with switching to solar might be a little higher, but purchasing and installing Sydney solar panels can generate a positive ROI.
How Do Solar Panels Add Value to a Property?
Purchasing a property with solar panels installed is an ideal option for prospective buyers looking to reduce utility bills and reduce their carbon impact. Installing solar panels in Sydney is not only an eco-friendly option but also improves the value of your property. However, there are different factors that influence exactly how much value solar panels add to your property.
The value your property increase by due to solar panel depends on the location (state and city). For example, the installation of solar panels in Sydney yields high ROI compared to less developed markets, as buyers and realtors in these areas aren’t as familiar with the benefits of solar panels.
The Number of Panels
The size of the installation of solar panels can directly influence the value of your property post-installation. The production capacity of your solar panels depends on the size of your house and the number of panels it can accommodate. According to a recent study, there is a rise of over $29,000 in the retail value of the home for a 5kW installation.
Quality of the Solar Panels Installed
The lifetime, technology used, and warranty of the solar panels vary depending on the manufacturers, and this has a direct impact on how much value gets increased in your property after the installation. So, take your time and do your research to find the right company when you are looking for solar panels for sale.
Energy Usage and Savings
Based on the energy consumption and the local cost of electricity also have a direct impact on how much value you can add post-installation. On average, Australian households use around 6000kW of electricity per year, and 60% of your 16kW usage is between the hours of 9 am and 5 pm. So, installing 2.5kW a solar panel system could potentially save you up to $730 on your energy bill annually.
The Bottom Line
Whenever you add a feature to your property, there’s generally one question in your mind, “Will this actually add value to my property” Installing Sydney solar panels will add value to your property, however, you need to choose a system that suits your location and meets your power needs for effective results.