When homeowners decide to install solar panels, most are thinking about energy bill savings, and reducing their carbon footprint. But another perk of having a solar-powered home is an increase in market value and overall appeal to potential buyers can increase. This may help you to sell your home faster and at a higher price in the future. So, whether you’re considering installing solar panels for environmental or financial reasons, read on to discover how they can add value to your home.
Increased Resale Value and Faster Sales
Homeowners often see a significant home renovation, like getting a new kitchen, as a potential add-on to their home sale price if they decide to sell. Solar panels are no exception to this.
Industry studies have found that houses with solar panels can have up to $6000 of added value for each 1 Kw installed and tend to sell for 4% more than homes without solar. Having a house with solar panels may also help you sell it faster. Solar powered homes sell, on average, 20% faster than traditional homes.
The Eco-Friendly Real Estate Market is Increasing
As people become more concerned about their environmental impact, they start looking for ways to make their lifestyle more sustainable. This also applies when they’re in the market to buy a new home. A study by the pricing consultancy Simon-Kucher & Partners found that more than a third of global consumers are willing to pay more for sustainable products and services.
Moreover, the TD Canada Trust Green Home Poll showed that 72% of Canadians surveyed stated they’d be willing to pay more for a home with eco-friendly features. Having a house with solar panels will attract this share of environmentally conscious homebuyers who understand the value of solar as a more sustainable energy source, in addition to buyers looking to save money on utilities.
Beyond the Market Value
If you choose not to sell your home and have decided it is the place to settle, a solar-powered home will still provide you with returns for many years. The general financial break-even for a home with solar panels is 10 to 15 years, after which your solar system will pay for itself in utility bills and start producing energy for free for the rest of its useful life. This, and the credits you receive for being part of the micro-generation program, are the key to reducing your dependence on the grid and keeping more money in your pocket.
Going Solar is a Win-Win
Whether or not you choose to sell your home in the near future, installing solar panels is a wise decision that will help you increase the value of your home and keep your utility bills low for decades, all while contributing to a more sustainable future.
If you’re ready to get your own home solar system or have more concerns regarding the installation process, we can help. Contact us to book a free consultation to ask us all your solar questions, no matter how big or small.