Have you noticed that your electric bill has increased lately? That’s probably because of the electricity crisis the world is experiencing nowadays. Due to the increasing coal and gas prices, along with the continuously rising production costs, electric bills are also expected to go up.
Rising energy prices have led to discussions of installing solar panels, which is an effective solution that will help you save money and reduce electricity costs. Sunny areas usually enjoy an average of five and a half hours of sunlight. But even if you live in an area that’s cloudy, the place receives at least two hours of sunlight each day. Solar panels will still continue to attract energy on cloudy days. In fact, cloudy days generally generate 10 to 20% of the power produced on sunny days.
Aside from lowering energy bills, using solar panels is good for the environment since solar power systems rely on clean energy from the sun. In contrast, traditional electricity is dependent on fossil fuels, such as natural gas and coal.
Solar power is especially helpful during a heat wave or a drought, as it doesn’t need water to produce electricity, unlike natural gas, coal, and nuclear power that require large amounts of water for cooling.
Furthermore, installing solar panels can increase your home value, which can rise by more than USD$5,000 per kilowatt of solar panels installed. Natural disasters, such as heat waves in Europe and wildfires in California, have influenced many people to follow an eco-friendly lifestyle. This is why a lot of buyers who value green living are willing to pay a premium for a property with a solar power system. Read on to learn more about how solar panels boost property value.
- Making Your Home A Premium Property
As mentioned earlier, buyers prefer to invest in properties that already have solar panels installed. Thus, solar panels make your home a premium. This means that you can demand a higher rate than other owners whose homes lack a solar power system. Though your property will be more expensive, you’ll find some buyers who are willing to acquire it.
- Maximizing The Benefit
Aside from having a premium property, you can always recoup your investment on the property’s sale price and maximize the benefit by lowering your energy bills. Depending on factors like the number of solar panels installed and electricity rate, you’ll be able to save a reasonable amount. An average home is estimated to save between USD$10,000 and USD$30,000 throughout the life span of solar panels.
If you live somewhere in the northwest, western, or central Victoria or in the western suburbs of Melbourne, for instance, see how Powercor stacks up your savings.
- Increasing Property Value According To Market Trend
Property appraisers also say that solar panels increase the property’s value according to the current market trend. There are several factors that affect the added value of solar power systems:
- Local solar installation prices – Your home becomes more valuable when a buyer is willing to invest in one with solar panels.
- Geographic location – Electricity costs vary from place to place. The higher the electricity costs, the greater value from solar panels.
- System age – If you’ve got an old solar power system, the property value won’t increase.
- System output – The larger your solar power system, the more energy it can produce.
- System replacement value – How difficult or costly parts of a solar power system are to replace influences the added value as well.
- Generating Electricity Amidst A Power Outage
Power outage from the community line can be caused by certain factors, such as accidents, equipment failure, power line damage, and high-energy demand.
However, you won’t have to worry about this problem when you have solar panels installed in your home. Excess energy produced by solar panels is stored in a battery pack, which can store energy for one to five days. So, you can use a solar powered battery pack instead of a generator that’s inefficient, loud, and dirty.
What’s more, you don’t have to maintain or service solar powered battery packs, which usually include a 10-year warranty. Solar batteries have to be charged from time to time and how often you’ll need to recharge them will depend on factors, like frequency of use and their make and model.
Most people think that solar panels are only effective on sunny days. On the contrary, you can enjoy using solar energy as long as you have solar powered battery packs.
Solar panels are a worthwhile investment. They help lower energy bills, protect the environment, as well as increase the value of your home.