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Solar energy systems are usually installed to provide an eco-friendly way of reducing your residential energy costs. But have you also considered the potential extra value that it could add to your home valuation? After all, a property that is going to include a means of generating some (or even all) of its own power needs is surely going to be more desirable! It is certainly an interesting point and one of the reasons why some housebuilding companies are now even including solar as a component of their new builds. Let’s take a look at the facts.
How Important Is Pre-existing Solar Power To Value?
Solar power is a very nice added bonus but we’re not going to claim that it is any more important than a host of other factors. Everyone knows that location, size, and condition are the three factors by which realtors estimate 90% of a property’s value. After all, if you want solar then you can just install a fresh network yourself.
But there is a little more to it than that. There are no Idaho solar figures yet compiled for this important factor, but down in California, they have estimated that pre-existing solar power panels can add anywhere between $12,000 – $15,000+ on top of a baseline valuation. So given the value of property in the Sunshine State, that works out at around 3-4% or so.
It is important to note that Cali is ahead of the game compared to most of the rest of the country when it comes to solar energy. They are simply more aware of it, and the many financial benefits it can provide – especially given the near year-round sunshine (although the high temperature can be detrimental to the true figures, that’s another story!).
The real way that solar power installation can add value is a little more complicated. Here’s what you need to know.
Proof Of Efficiency = Higher Negotiable Value
One of the countless reasons why it is so important to only use the best solar energy contractors is because they will make your solar panels as efficient as possible. They will also provide advice on how to manage your energy consumption and provide help and servicing on a host of other matters.
A well-installed solar power system in Idaho is going to generate quality energy savings. If you are planning on selling your property it is important – nay essential – to keep hold of bills from before you had your solar panels fitted and afterward. As months and years of proven savings accumulate, you can then present these as evidence that your system is a true value-added asset to the property and justifiably command a higher price.
Aim For High-Quality Solar Panels
It goes without saying that it is essential to look towards the highest quality installation – including solar battery – that you can reasonably budget for. Modern panels are far more efficient than those from 5-10 years ago, and a battery will allow you to store energy collected during the daytime to use at night. Naturally, this set-up will create considerably greater savings which in due course will add much more to your property value.
Another thing to consider is that older panels tend to degenerate faster. Most manufacturers quite conservatively predict that their high-end panels will retain 80% efficiency after 25 years and will keep running long after that landmark has passed.
When it comes to assessing how much a residential solar power system can add value to your property, it all comes down to the savings being made. You must always select a contractor who is willing to look at your specific situation and help you assess which panels are going to offer you savings and add value to the property. Solar capacity offers one of the best ways you can add value to your home – providing you can demonstrate the real savings that have been made on your energy bill.
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