Having solar panels on your home will almost always increase your home’s value. There are a few corner cases that provide exceptions to the rule – silly things like finding someone who finds solar panels aesthetically displeasing. Aside from that, though, who wouldn’t want solar panels? They provide free energy – they’re an automatic discount on your power bill. You might also find environmentally conscious buyers who are willing to pay a premium for eco-friendly housing.
There have been studies in the United States that show that, on average, homes with solar panels sell for 4.1% more. Another study found that buyers will pay a premium for solar. We can expect some differences in the Canadian market, but there haven’t been many studies on how solar affects resale value here. Nonetheless, solar still seems to sell well.
Another question, then, is whether or not the increase in resale value is worth it to you. When a buyer is willing to pay so much extra for solar that it pays off your entire system, the price is well worth it. With government subsidies, this can sometimes be the case. Another way you’ll find value is that if a buyer is going to pay less than the total value of the system you’ve installed, but enough that the overall cost of the system is recouped – or better.
What do we mean by that? Simply put, you’ll be saving money on your energy bills every year you use solar panels. Let’s say you buy a solar array for $20,000, and use it enough to save $5,000 on your energy bills. When you decide to sell, if a buyer is willing to pay $15,000 extra for the solar panels, you’ve covered the cost of the system and helped to make a greener world. If you’ve saved more, or the buyer is willing to pay more, you’re even better off.
Here’s the thing – home selling is all about finding the right buyer. You need to find someone who is motivated by green living and energy savings, and if you can’t find someone with those qualities, you have to inform buyers about the virtues of solar panels. You’re probably not going to be selling your house yourself, so the best way of going about this is to find a real estate agent who knows about eco-friendly energy generation. They’ll be more likely to know buyers who are already tapped into the movement and are looking for solar panels. Barring that, they’ll have the breadth of knowledge necessary to explain the advantages of solar panels.
We offer a variety of solar solutions in Winnipeg, whether you’re looking to improve your home’s resale value, go off the grid, or even provide renewable energy to an entire community. Solar power doesn’t only add financial value to your home – it offers you a degree of energy independence. Get in touch with us.