Does it sound good to you that property powered by solar panels is worth more than the ones that don’t? This is a fact that Photovoltaic (PV) panels reduce or eliminate the power cost from the grid. There is a protection against future rate of inflation, as the Department of Public Utilities has already approved it.
Solar PV system is allowed tax incentives which help the owner to save money. The properties which are fitted with PV panels are in great demand as compared to properties which has conventional power connection. Such properties sell faster as per the studies; as a matter of fact, it is almost 20% faster.
A solar electric system enhances the value of the property by almost $20,000 for each $1,000 in annual reduced running cost supported by the Appraisal institute. The rationality is that the money from the reduction in operating cost can be used on larger mortgage with no change in the monthly cost of ownership.
The home solar system over scores other properties improvements in percentage of cost recovered. It has been seen that most of the solar systems recover more than 100% cost, the total savings over a period over 25 years is 220% to 350% return on the initial investment. The savings can go beyond this if the energy cost from the public utilities continues to increase.
The recent study done by the National Renewable Energy Laboratory (NREL) has established that the solar homes sell faster by 20% and even 17% more than the conventional homes in California. This is a fact that solar energy is neat and clean energy without any emission which contributes to the pollution. Solar energy is free and clean and is available throughout the year and even can be stored in battery banks.
In one particular subdivisions, all the 257 solar homes were sold in just a year which is two years faster than expected. When interviews were conducted with the potential home buyers, it was interesting to note that buyers preferred homes which had solar fittings. The average cost of solar homes were between $380,000 to $500,000, due to heavy demand even some homes fetched a huge price of $600,000.
With the passage of time, it is certain that rates of solar homes will appreciate as the electric cost has been increasing daily. It is also a fact that with the increase in electric bill, solar energy will be the best alternative and can power 80% of a home energy needs. It is also expected that the warranty for solar module could be at least for 25 years.
Since there is already huge shortage of grid power, solar energy is getting the desired attention and even home buyers have also understood the fact. Most of the home buyers are ready to pay even 100% of the original cost for a retrofit solar system with 20 to 1 ratio only with the increase with inflated electrical price.
There is a strong feeling that such homes can recover cost in few years, if by any chance they want to sell the property.