Solar Investment: How Your System is Increasing Your Home’s Value
Can solar investment on your roof is valuable? The simplest answer to this is “YES”. though Most investments may not pay or may not yield return on investment as quickly as solar panels. Solar Panels often increase your home’s and property’s value giving homeowner home a face-lift and opportunity to invest in solar power.
We’ll dive deeper into how much solar power can increase your property’s value and what variables come into play.
Why Investment in Solar Panels Valuable?
If you’re yet to install a solar system on your home, you may often hear the term “solar payback.” Solar payback refers to the amount of time it takes for your solar system to pay for itself through energy savings. For most homeowners with well-exposed roof space, solar payback is a virtual guarantee.
After accounting for the cost of installation, cost accrued to value added tax, etc., most solar systems pay themselves off after just a few years and continue to reduce energy costs for many more years. You may be hesitant about investing in solar if you aren’t staying in your home for very long, but you can still benefit from solar when selling your home.
How Much Do Investment in Solar Panels Increase Home Value?
Investing and adding solar panels to your home’s roof increase your property value significantly because solar payback and lower energy bills and this will be so just appealing to your homebuyer as it appealed to you as the homeowner.
Will You Get a Full Return on Investment When You Sell Your Solar Investment Home?
Solar installations can involve a sizable investment or a considerable loan, but, luckily, the increase to your home’s value makes up for the hefty initial cost. The most expensive solar installations cost can’t be more than getting or buying the solar energy components such as the solar panels, solar charge controllers, deep cycle batteries, and inverter system. Buying these components might be quite costly but in long run, you’ll get your full ROI (Return on Investment). Countries like Nigeria, Africa where electricity is a scarce commodity, every homebuyer will not hesitate in buying your house when he/she knows the importance of having uninterrupted electricity courtesy of your installed solar panels on your rooftop. Your solar system could instantly pay for itself when you sell your home. However, the value of a single solar system does decrease over time.
What Variables Can Affect the value of your solar investment on your Property?
Property value increases when the state of the house you are about to sell are in good condition. Below are some factors that can affect the average value of a home having solar energy already install.
Over time, your solar system’s value depreciates faster than your solar system’s efficiency. In the study, systems between six and fourteen years old had an average drop in value of 60%, even though these systems were still fairly efficient. However, solar can provide value in a different way—homeowners with older systems benefit monthly from lower energy bills.
- System Size
Smaller solar systems increase the value of your home than that of larger solar systems. In study, Prospective homebuyers consider any solar installation to be an asset. They’re willing to pay significantly for a home with a solar system, even if the installed solar system is relatively small. But the larger a system is, the less homebuyer will want to pay for such house, so a large system may not get you the most return when selling your home. So choose your solar system size wisely.
Solar energy system is a very strong investment, no matter how long you live in your home. Your home’s value will increase, and you’ll begin saving money immediately on your electricity costs. PSC Industries Limited is one of the solar energy companies to invest in or look into solar today for a professional customer’s experience. Contact us today for a free quote.
For Quotation for Solar system installation, Customers can call on +2348123655444, +2348120855444, or mail us your request on email@example.com.
Our Physical office/Warehouse is at 41B, Olutoye Crescent on Adeniyi Jones, Ikeja, Lagos State, Nigeria. Customers can also save energy by visiting our online store for products’ prices and technical specifications
Mr. Michael Edun is a Senior Technical writer and IT Manager at PSC SOLAR (UK) LTD. Lagos, Nigeria. – 08120855444
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