Choosing a system of solar panels for your home has been encouraged ever since alternate energy sources came to the forefront. They are promoted as being good for the environment but one should also know that they increase your home property value. Yes, you read that right. Many homeowners are installing solar panels to increase the property value while reducing their carbon footprint. Many studies have been conducted on the same.
Typically, having solar panels installed can increase your property value by 4% on an average. Apart from this significant advantage, there are many ways in which you can save costs. Here are some of the methods for the same:
Know the Comparative Size of the Installation
If your main aim is to save costs, you as a homeowner will have to understand the value of the size of the installation. But if you also want to increase your property value, you cannot install a single solar panel and call the installation complete.
The size of the installations is supposed to be proportional to the net area of the house. The idea is that the solar panels should be able to take up the load of the electricity consumed on average. Only a comparable size is likely to make any difference in your electricity bill and property value. You can look at this website for more details about solar panel installation in your home.
Know the Electricity Cost Savings
Depending on the size of your installation and the energy needs of your home, you can significantly reduce your expenditure on electricity bills. If you install a system for powering all the outlets with solar energy, you can even eliminate the cost of electricity bills. Since solar panels are mostly a one time investment, you will be able to save costs for a long time before they require any repairs or replacement.
The cost of electricity will also depend on the geographical area. While sunny days and the summer season will probably provide you with more power than you can consume, cloudy days might require one to draw energy from the electricity grid. Solar panels will keep on working even on cloudy days, but the power drawn will be significantly less as compared to sunny days.
Know the Difference Between Owned and Leased
Solar panel installation is done primarily to save costs on the electricity bill. Any homeowner has two choices before they consider getting a solar system. They can choose to lease the solar panels as part of a rental agreement. You are wrong if you think that leased systems will improve property value. It is because you do not own them.
If you plan to save electricity costs as well as increase the value of your property, then you will have to buy a solar system. Only after you have the ownership of a solar system can you expect the value to be added to your property. Understanding the difference between owned and released solar systems is important because the homeowner will have to pay for the least system before selling the house. On the other hand, the selling process is made infinitely easier if one owns the solar panels on their home.
Long Term Ownership is the Way
Saving costs is the primary concern, but if you are planning on selling your home, you will have to plan and choose the best options accordingly. Consider yourself akin to a real estate agent and think about the strong points of your property and what you can do to increase its value. One way to increase the property value is to let the buyers know what benefits they will be getting from the purchase. Here is how you do it:
- Ask your estate agent to include the presence of solar panels when they mention your home. Clear branding will adjust the expectations and will only get you buyers who are interested in buying houses with alternative energy resources.
- After mentioning the presence of solar panels, it is also important to let the buyers know if these are owned or leased. The warranty, premium installation, and other payment details need to be explored to help prospective buyers understand the value.
- Focus on the recent value and promote your property as one seeing a potential increase.
Maintaining an energy stronghold on your property value is essential in multiple respects. It is obvious that choosing solar panels will mean a high return on your initial investment.
Choose the Right Warranty
Solar panels are not a minor investment, and you will have to plan ahead if you want to install them. Setting a mortgage plan is essential. One should also consider the type of warranty you are getting with your installation. The warranty of solar panels will include coverage of the costs for system failure and repairs.
The main idea behind choosing solar panels is to save costs, and if you are spending more money on repairs than the electricity bill, it is not worth the price. Getting a warrant is profitable from a reseller standpoint as well as from a homeowner’s point of view. You will not be spending much, and the future buyer will not have to pay for additional repairs if the warranty period is still ongoing.
The Takeaway
Using solar energy is the easiest way to contribute towards the preservation of the environment. As an additional incentive, the chance to increase your property value appeals to a lot of homeowners. While the initial cost might take quite a handful from your pocket, the return on investment is high, and you will benefit from saving on your utility bills. Apart from saving energy costs, a solar panel installation also improves the monetary value of your property if you own the system.
