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Why Solar Increases The Value of Your Home When You Sell It

Is your home worth more with solar? You bet it is. The typical return on investment for a solar panel system is dependent on the amount of sunlight in your area, how much power your home needs and the overall energy operating costs for your household. Solar panel systems are becoming an increasingly popular choice among homeowners in Canadameaning that the value of your home has already gone up, or will soon go up as the market recognizes its full potential for reducing today’s energy cost burdens.

Reduced Operating Costs

Given that the current value of energy is greater than the operating cost of power consumption, homes equipped with solar panel systems are typically cheaper to run on average. Like most forms of renewable energy, the returns on investment are primarily experienced over the longer time horizons. In Canada, going green is advantageous from both an economic perspective and an environmental perspective as well. For every dollar that can be spent toward improving the energy efficiency of your home, switching to solar energy is among the most cost-efficient and can save a homeowner a comparable amount in operating costs.

Increased Property Resale Value

For the typical homeowner in Canada, equipping your home with solar energy will undoubtedly increase the property value of your home. Recent studies completed by the University of Calgary have indicated that solar panels appear to increase property values for homes across the country. Specifically, data from the Vancouver area appears to suggest that solar homes have higher resale values than those of non-solar homes. Additionally, the report concluded that the average homeowner in Canada can expect their property value to increase by approximately $4 for every watt of solar energy installed.

Minimal Carbon Footprint

A home assessment is often used to determine the value of a property before it is put on the market for sale. With solar panels installed, your home is more likely to be appraised for an increased price when compared to homes in your area that aren’t equipped with solar power.

Easy Financing

It is now possible for anyone with a good credit rating to take out a home equity loan or refinance their mortgage, even if they have no money down and are ineligible for a government-backed loan. Many solar installation companies in Canada are willing to install a solar panel system on your property at little or no upfront cost, enabling homeowners to enjoy low monthly payments while using clean, renewable energy. The typical solar panel system is usually financed over longer periods of time, resulting in moderate upkeep over the life of the system and significant cost-savings. For some homeowners, it can even take as little as two months for their solar panels to start saving them money on their electric bills.