Solar power and/or hot water systems are among the top ten features for Australians looking to buy a home, according to a recent survey report. But buyer beware.
Realestate.com.au’s 2024 Property Searcher Survey Report was released a few weeks ago. Although there was little information about sustainability, it became clear that many property buyers would be happy to inherit a solar power system with their purchase.
Solar energy and/or hot water came in sixth place in the top ten criteria. 37% of homebuyers surveyed considered it a key consideration and 23% said it was a feature they would stretch their budget for. At 49%, Boomers (those born between 1946 and 1964) were the demographic group most interested in existing solar systems.
There was little else on the topic of sustainability in this year’s report, but the 2022 Property Searcher Survey found that 81% of home buyers viewed sustainable features of a property as crucial or important in their decision making.
If you’ve been putting off installing solar panels because you might sell your home in the next few years, keep in mind that having a system could be very important to a number of potential buyers. And since solar system prices are currently so affordable, it could add significant value without much effort. At the same time, we help you save on energy costs before you register for sale.
How much added value does solar energy bring to a house?
That’s a pretty difficult question. I don’t want to give numbers as I’ve seen all sorts of numbers floating around – some of them are quite old, when panels were comparatively very expensive, and others are based on information from the US, where systems are much more expensive.
But if you can get back what you paid, I would consider that a good win since you will benefit financially from the system while you are at home and also have it as a selling point. It is something that will help your property stand out from the crowd. However, as time goes on, more and more parts of the package will feature panels.
However, make sure it is a high quality system. in your own interest and in the interest of a future buyer – and with that in mind…
For Home Buyers – Solar Savings or Losing Money?
Since 2008, more than 3.9 *million* solar PV systems have been installed across Australia. Some of these systems are aging, not all are of good quality, and not all have been properly maintained or inspected since installation.
If a home you’re interested in has solar panels, that doesn’t necessarily mean the system will produce a lot of power. Module capacities have improved greatly over the years, allowing more electricity to be generated with a smaller number of solar panels.
When faced with these types of problems, make specific inquiries about the system. including:
- System capacity today is 6.6 kW at the entry level, but 10 kW (and larger) systems are now widely available.
- When it was installed.
- What brand and model components were used in the system (and research them).
- What is the warranty on these components (usually the warranty is transferable, but check).
- Who the solar installer was, what reputation he had and whether he still exists (the installer is the first point of contact for warranty questions).
- How often the inspection was carried out (should be every 5 years) and a copy of the last inspection report.
There is nothing worse than moving into your new home and soon discovering that the system is malfunctioning or that the performance is completely inadequate for your needs. You may be interested in a new solar system, plus the costs of removing and disposing of the old system. Money that could be used for your mortgage.
Comments are closed.