The Power of the Sun: How Solar Panels Boost Property Value
Uncover the potential of solar energy as a powerful tool for augmenting your home's market worth and selling time.
In the bustling real estate market of Calgary, Alberta, distinguishing your property can be a daunting task. One of the increasingly popular ways to do this is through solar panel installation. Not only do solar panels present an opportunity for significant savings on energy bills, but they also serve as a reliable means of increasing your property's value. Here, we dive into the role solar panels play in enhancing your home's worth.
1. Soaring Property Values: The Solar Panel Advantage
Solar panels are not just symbols of eco-friendly practices—they are lucrative additions to your home. Besides contributing to a sustainable future and shaving off your energy costs, solar panels offer a tangible hike to your property's value. As per Zillow, a renowned real estate marketplace, homes with solar systems have seen a value increase of 4.1% [1]. Applying this to the median home price in Calgary, which is $648,900, homeowners can anticipate a value addition of approximately $26,605.
"A study by Zillow revealed solar panels increase home value by 4.1%, averaging a property value increase of $26,605 in Calgary"
In addition, another study revealed that the resale value of a home can soar by up to $5,911 per kilowatt (KW) with the installation of solar panels. Considering the average system size in Canada fluctuates between 5 to 10 KW, your home's value could potentially surge by $29,555 to $59,110. Furthermore, the National Renewable Energy Laboratory informs us that for every dollar a solar panel saves on your electricity bill, your home value can climb by an additional $20.
Another study revealed solar panels increase home value by up to $5,911 per kilowatt (kW). With the average system size of 5-10 kW, that equates to $29,555 to $59,110.
2. Rising Demand for Energy-Efficient Homes:
The real estate market is evolving, and today's buyers are searching for homes that are not just comfortable and aesthetically pleasing, but also energy-efficient. Solar-equipped homes fit this demand perfectly, offering an edge in the competitive housing market. Solar panels boost not only your home's value but also its marketability. Research indicates homes with solar sell 20% faster, owing to the rising demand for sustainable living [2]. A house equipped with solar panels signals to potential buyers the prospect of lower energy bills, an appealing factor that can expedite the sale process and potentially raise your asking price.
"Research indicates homes with solar sell 20% faster, owing to the rising demand for sustainable living."
Conclusion
Installing solar panels involves a significant upfront investment, but the long-term benefits—ranging from energy savings to increased property value—make it a worthwhile endeavor.
"Homeowners can expect to save around $1,400 per year on electric bills. Typically, savings from solar power take ten years to cover initial costs. If a homeowner decides to sell the home while the panels are still active and in good condition, having those solar panels can increase a home's value."
Justin Havre - Calgary Realtor
At Alberta Solar, as a leading provider of top-quality solar solutions in Calgary, we're committed to helping homeowners harness the power of solar energy and enjoy its myriad benefits. Take a step towards a brighter, sustainable future by investing in solar today!
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