Rising electricity prices will further increase the value of existing green homes and commercial properties says Archicentre, the building inspection service of the Australian Institute of Architects.
David Hallett, Archicentre State Manager Victoria, said the pressure of housing affordability now goes beyond initial building costs and extends into running costs; including services such as power, water and gas.
“The property market will become increasingly driven by running costs that will be automatically factored in by buyers who are looking at balancing their mortgages and other costs.”
Mr Hallett says the payback period for solar panels and other energy efficiency technologies has shortened dramatically while electricity costs in the past couple of years having skyrocketed. Archicentre believes the introduction of a carbon price will fuel further innovation as builders and associated trades look towards the more efficient building of green properties and improved products as inclusions.
“Not only will the continuing increased energy prices boost property values, they will also put a strong focus on the quality of construction of renovations and new homes in the future in relation to sustainability.”
Rooftop solar panels boosting house values has already been established elsewhere. A study of the real estate market in California released by Berkeley National Laboratory’s Environmental Energy Technologies Division earlier this year found homes with solar power systems achieved better sale prices than non-solar houses.
According to national solar energy solutions provider Energy Matters, an entry-level solar power system of around 1.5kW can offset approximately 25% of the average Australian household’s mains electricity consumption. How much a system can contribute to a household’s needs is dependent not only on consumption, but also on location as solar irradiation levels vary throughout Australia. Positioning of the panels and quality of components are also major factors in electricity production levels.
Energy Matters offers an instant solar quote tool and extensive solar rebate information to help potential purchasers determine the size and cost of making the switch to renewable energy.
