How Do Solar Panels Increase Your Home's Value?
Although solar energy is one of the most popular renewable energy sources, can it raise a home’s value?
What percentage do you believe your home’s value will rise as a result of solar panels?
According to several studies, homes with solar panels are valued higher when evaluated and sold than comparable homes without solar panels in the same area. A home’s value is often increased by 3% to 4% thanks to solar panels.
The following factors affect whether solar panels raise your home's value:
- Quality of Solar Panels
- Location of the Property
- Size of Installation
- Performance of Solar Panels
- Government Involvement
- Quality of Solar Panels: Technology has the drawback of ageing and requiring replacement. The panels are involved in determining value. Modern PV systems outperform earlier models in terms of efficiency, value, and durability. They thereby make property worth more than its forerunners. A property’s value will increase by a greater margin.
- Location of the Property: Solar panels may easily operate for 20 to 30 years and ultimately save you far more on utility bills than they would have cost to install. Therefore, depending on the location of the property, you will undoubtedly save more money on the bills if the home receives a lot of sunlight and the solar panel sees more sun than snow, clouds, or shadow. The majority of customers are drawn to solar-powered houses for this reason. The house’s worth has increased as a result.
- Size of Installation: Your roof’s volume for solar panels is inversely correlated with the rise in property value they will cause. The quality and quantity of solar panels installed directly affect a home’s value. Your solar panel capacity needs to be in line with the size of your house.
- Performance of Solar Panels The panels can even produce extra energy that may be sent back into the power grid. Homeowners who have solar panels that send this excess electricity back to the grid might receive a credit on their energy bills.
- Government Involvement According to the Ministry of New and Renewable Energy the Central Government is responsible for paying 30% of the benchmark installation costs for up to 3KW of capacity in general category states. This plan aims to encourage the development of solar power systems that are connected to the grid.
Depending on how many units of electricity were given back, deductions are made from the utility bill that is received. Additionally, the homeowner benefits financially if the amount of energy delivered to the grid is greater than the amount used by the household. Once more, this raises the house’s worth.
This subsidy rises to 70% of the installation expenses for the states that fall under the special category, namely Uttarakhand, Sikkim, Himachal Pradesh, Jammu & Kashmir, and Lakshadweep. Hope can be found in the way the government is developing innovative plans to boost the number of solar-powered households worldwide.
Conclusion
When buying a property, buyers take their monthly power costs into account. They are therefore more willing to pay a higher price for one when assessing the long-term financial benefits of a solar-ready home. Installing solar panels will not only help you save money on energy costs for your house, but it will also get you involved in the green energy movement and ultimately benefit humanity. One of the most secure and wisest investments you can make as a homeowner is to install solar panels in India.
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