Could Going Solar Boost Your House Price?

Over the past few years, we’ve seen solar energy becoming more and more popular with property buyers across all price brackets and property types in Brisbane’s northern suburbs.

As electricity and gas prices keep rising, homeowners, buyers and renters are all looking for savings on running costs. More than that, they are also increasingly concerned about doing the right thing by the environment which means the green credentials of a home and its sustainability are becoming more important for many house hunters.

Also in a marketplace with a lot of available properties on the market and fewer buyers, like at the moment, Solar energy may become a differentiator that helps to achieve you a sale.

So could going solar add value to your property?

Surveys say solar does add value to a property

A 2015 survey by realestate.com.au and Origin Energy revealed that 85% of Australians thought solar rooftop panels added to a property’s value. And 78% thought a solar hot water system also added value. The survey showed buyers also valued energy efficient appliances, water tanks or water saving fixtures.

But it’s not just buyers who are keen on going green. Seventy-five per cent of renters would also pay additional rent to live in a property with solar energy, the survey found. In fact, two out of five people said they would pay an extra $10 a week in rent for solar energy.

Does this property have solar panels?

While there’s clearly a perception that solar adds value, whether solar panels actually have an impact on the final sale price of a property is up for debate.

What we can confidently say, however, is that they certainly affect buyers’ interest in a property and lift its appeal in the marketplace.

“Does this property have solar panels?” is a question we’re now asked at almost every open home.

This is particularly true where the home being sold is large, has a pool or a modern renovation or substantial air conditioning – all of which tend to lead to higher running costs. However, serious buyers are now often concerned about running costs regardless of whether they’re looking at a prestige property or a smaller, starter home.

So being able to answer “yes” to that question can give a property the edge in terms of buyer perception and marketability, if not the actual sale price.

Ben Collier