Installing Solar Can Increase Your Property Value
The biggest advantage of solar installations is the electricity bill savings. Solar Plants serve several other benefits in addition to saving our mother earth, Did you know that installing a solar power plant is an economic decision that can potentially improve your home resale value?
Home solar not only can reduce or eliminate your electric bill, adding a photovoltaic (PV) solar system to a house is almost always a good real estate investment and may contribute to increasing home values by 3 to 4 percent. “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.”
The combined benefit of higher resale value and lifetime energy savings makes solar a good investment. If you are thinking of installing a solar power plant in your home, the study’s conclusions should give you a boost of confidence that you are making a smart investment. LBL finds that homes with solar panels will benefit from a ‘solar premium’ when they are sold because buyers are willing to pay more for a home with solar panels.
How Much Value does it increase?
Example: a 6 kilowatt (kW) solar system will offer 6,000 watts of power. LBL says that each watt of solar adds about Rs 205 p/w. Thus, a home with solar plant should sell for about still (205 x 6,000W =) Rs 12,30,000 more than a house with no solar plant.