A solar energy system or solar array is an excellent way to add value to a home. In fact, it can increase the value of a home in Saskatchewan, Manitoba or Alberta by as much as $20,000. Plus, there’s the bonus of improved energy efficiency, which many home buyers are looking for today.
Determining the overall value that you can expect to add to your home depends on a few key factors including, the size of the solar power system, your home’s location and your home’s starting value.
- The size of the solar power system – The bigger the solar array, the more value added. What’s more is that the quality of the solar panels can also play a role. If you want to receive as much value as possible from your system, only choose a reputable, professional team, such as MiEnergy.
- Your home’s location – If your home is located in what we’d call an ‘active solar market,’ you could receive a greater return on the investment than you would in other areas.
- Your home’s starting value – The larger the price tag on your home, the greater the increase when you add a solar power system.
So, how does solar power increase the value of a home? Two ways; investment value and consumption value. Learn how a solar power system can add value to your home, here:
Increasing Investment Value
The investment value is the amount of money your solar array adds to your property value, so if you plan to sell your home in the future, this value will be reflected in the home’s sale price. For example, investing in 2kW of solar energy could increase your resale value by as much as $12,000. This return on investment is one of the greatest advantages of solar energy. Most investments in solar energy, however, add as much as 3 to 4 percent to the value of a home.
Increasing Consumption Value
Consumption value represents the environmental benefit of an energy efficient home, or more specifically, one that’s equipped with a green energy source. Even if the environment isn’t the primary reason you’re choosing to go solar, it’s still a great bi-product of a smart decision.
Take the opportunity to lock in at lower energy rates by equipping your home with a solar array, and enjoy the peace of mind that comes from knowing that if and when you sell your home, it will be more attractive to buyers and will allow you to list at a higher price. Discover the value that a solar array can add to your home, today! Call us for more information.