A recent survey indicates 85% of Australians perceive houses with solar panels installed are more valuable than those relying purely on mains grid supplied power.
Approximately 78 per cent of the survey group said the presence of a system would add up to $10,000 to the price of a home and importantly, a similar number felt it would make the home a more attractive purchase option.
According to national solar provider Energy Matters, a large solar power system (5kW) can be acquired for between $6,000 and $7,000 in most states and depending on installation scenario. In addition to outright purchasing, the company also offers zero-deposit solar options with low monthly payments.
For landlords looking at property improvements to entice renters, solar power systems also appear to be a solid investment.
75% of renters said they would pay additional rent to live in a home with solar panels installed, with 40% prepared to pay an extra $10 a week.
With these types of perceptions so prevalent, whether it’s to attract buyers or renters or just to benefit from cheaper electricity now; the decision to invest in solar is a wise one.
“Having solar panels installed on your roof represents a valuable investment in your property, as this research shows,” said REA Group* Chief Product Officer Henry Ruiz.
“If you’re looking to sell or lease your property, it’s a really simple measure you can take to gain a competitive edge in the market. You should also speak to your agent about mentioning your home’s solar power in your online listing.”
Such is the popularity of greener homes that RealEstate.com.au offers an “eco-friendly” option for searches to help buyers and renters locate properties with features such as solar panels.
In the USA, home buyers have also been willing to pay a premium for host-owned solar power systems; averaging about $4 per watt of PV installed – significantly more than Australia as installation costs are higher. This trend has been demonstrated across various states, housing and PV markets, and home types.
* realestate.com.au is owned and operated by ASX-listed REA Group Ltd (REA:ASX)