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Pros and Cons of Increasing Value of your Home with Solar

By Edited Jan 31, 2016 1 4

Increase the value of your home with Solar

Investing in your home

How many times have you speculated on investing more money in your home to increase the value of your home.

Your home maybe the biggest investment opportunity you make in your lifetime.  Therefore, you need to look after or improve that asset even when thinking of reselling.

How you do this will need some research. With the increasing costs of our power usage, many people are still weighing up the pros and cons of adding solar panels to their homes.  Purchase and installation of these panels on our homes in the beginning were very expensive and in my opinion did not merit the exorbitant cost outlay for so little gain. 

Government Subsidies

Then the government started subsidising the installation. This subsidy varies from country to country resulting in reducing your original outlay costs for solar.  With the incentive thousands of people joined the queue to install solar on their homes. This also created a boom to the employment opportunities, helping to boost our economy at the same time.

Thousands of homeowners gained from this incentive. People still save money on power with the government subsidy, often receiving a credit instead of a debt. 

Increasing value of your home: Adding Solar Panels

Government Subsidy Reduced

With the subsidy reduced, the incentive to install solar suffered a massive reduction in sales. In my opinion, the main ones benefiting the most from us installing solar is the electricity companies themselves, because they no longer had to increase the amount of power stations required.

Now homeowners are still confused even more today, on whether solar is worth the cost of installation against the reduction in power costs.

Is it still worth installing Solar?

Yes it is, and it will help reduce our carbon usage at the same time. The price of the panels has reduced dramatically in the past few years. In addition, the price of electricity has increased much more, so do your maths.  Work out how many of these panels your household requires. Purchase the biggest you can afford, the rewards will be worth the investment over time. Yes they are still expensive, although you will still save money.

How can I increase my investment from Solar Energy 

There are extra things everyone can do to cut your cost of power by being more conscious of your power usage.

  • Pull down your blinds or close curtains to keep the house naturally cooler
  • Change your globes to LED ones, these are more energy-efficient reducing power usage
  • Turn off lights and power sockets not in use at the wall
  • Turn off air conditioners or heaters when no one home
  • Use the biggest electrical appliances when your solar is most efficient (during the day) 

What size do I need?

As a guide, a 1.5kw – 2kw- this will run your TV, DVD, Lights, microwave, kettle, dishwasher, washing machine and fridge for two people. If that is not enough then buy a bigger system. It may cost more now although it will save your more in the end.

Pros of installing solar panels on your home

  • Do your research; buy the best to suit your lifestyle and you will still save money.
  • Solar helps to cut the excessive use of fossil fuels
  • Lifetime expectancy up to 25 year or even more
  • Buy and forget no ongoing fuel to buy to run it.
  • Helps with green environment
  • If you are having a new home-built, or staying in an existing home then install solar.
  • Solar requires little maintenance
  • Energy from the sun is sustainable so will never run out.
  • Solar panels will increase the investment in your home and resale value in time.

Cons of installing solar panels on your home

  • Not a good investment if selling your home – benefits the new owner.
  • Solar panels are subject to freezing.
  • Solar panels not appealing to the eye
  • Needs installing in sunny place, although your panels will still generate power in shade

Recent Con we Suffered

Nothing can prevent this happening, but we had a storm.  There is no visible sign of a hit from  storm even though we heard a bang outside, but our solar invertor was cooked. At the same time our TV, the recorder and Air conditioner were all fried from storm damage. All you can do is have protectors on all power outlets and have your home and contents insured.

Renogy 200 Watts 12 Volts Monocrystalline Solar Bundle Kit
Amazon Price: $324.99 $308.98 Buy Now
(price as of Jan 31, 2016)
Ideal to use when camping out by the lake or on your RV, caravan or boat.

Other Ways to Increase Value of Your Home

There are many other ways to improve the overall value of your home, here are a few suggestions you can try:

Increase value to your home with major renovations

  • Add a swimming pool
  • Landscaping

Increase value to your home with minor budget renovations

  • Add fresh coat of paint when needed
  • Add a pond to your garden
  • Add flowering plants to your garden
  • Increase the look by mulching garden

Other things you need to consider

If you wish to increase the value of your home for resale then remember this, first impression is everything.  Starting from the minute your prospective buyer pulls up in your drive.

  • Remove excess clutter off counter surfaces, it will make room appear larger
  • Increase natural light by opening curtains
  • Cook scones to encourage homeliness

Increase value of your home- Cook scones in the oven

Save on Power and Water Combined

Technology is still improving - Save on power and water combined

There is another idea to save you on power and water with solar panels.  That is the PV-T short for Photovoltaic Thermal system.  These roof panels collect energy and when cold water runs through the unit it cools it and produces hot water.  This means one system gives you free power and hot water with one system.  Why not research this system to see if it is more beneficial  for your family.

Install solar panels on your caravan and save money

By installing solar panels on your caravan, you will save even more money. You can camp out in the bush free, with twelve-volt power.

NOTE : When installing panels on roof be careful who installs them.  Some companies cause more problems with leaks in caravans by drilling into the roof. Some use so much selastic that it causes a swimming pool on van with no way for water to drain off.  You can avoid this by sticking frame on to the roof then add your panels to the frame. (make sure you leave run off areas for water).

Cons of solar on Caravans

You cannot use the air conditioner or microwave.

Home investment: Solar lighting

Other Solar Ideas

  • Add solar garden lights
  • Add solar security lights
  • Add solar pond lighting
  • Add solar car trickle charges
  • backpack solar panels
  • cooking with solar ovens
  • solar phone charges

There are so many ways of saving money on home and travel products. If you have any other ideas and suggestions, please leave them in the comments section below.

[1]

Renogy 400 Watt 12 Volt Monocrystalline Solar Starter Kit with Wanderer
Amazon Price: $679.99 $639.48 Buy Now
(price as of Jan 31, 2016)
These are ideal for installing on your car, caravan or on your boat to give you that extra power when you need it . This will also save you money when using on a caravan or RV
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Comments

Feb 3, 2014 1:26am
Yindee
This makes a lot of sense! Not only to increase the value of your home but to slash the monthly expenditure. The smell of freshly baked goodies is a cunning sales strategy and some salesmen put vanilla essence and coffee grounds into a warm oven to fake this effect.
Well done and big green thumbs to you!
Feb 3, 2014 4:29pm
shar-On
Thanks Yindee, I love having solar on our home. And mum and dad use it on their caravan when traveling. It makes their trips so much more enjoyable because they can camp wherever they wish. Not needing to pay for the things in Caravan parks they do not use.

What a wonderful invention solar is. I wonder if the person that invented it will be remembered like the ones that created electricity. Maybe I should write about that.
Mar 23, 2014 2:01pm
slimjim270
@shar-on

I agree.

I read that 45% of your energy cost goes to heating water, so pre-heating your water during the day time can provide quite an energy cost reduction.

Also, the average American homeowner moves an average of every 7 years. The ROI on installing solar panels is around 10 years. So if you plan on being in a home through retirement, you'll not only pay for the cost of the panels, you will receive the cost benefits through another 10-15 years with a 25 year life expectancy on the panels.

With energy cost going up each year and your KW usage remaining static, you will receive an increased (pre-tax) cash savings each year the panels are operational.

-Jim
Mar 23, 2014 9:06pm
shar-On
So very true slimjim270, nice to see you back again after a long absence here at IB. Yes we have solar on our home and my mum and dad have solar on their home and have not paid an account since the installation. In fact they get a check back instead.
They also have solar on their caravan allowing them to camp out for several days without running out of power. Plus they have another solar panel on their car all the time which runs their fridge and keeps the batteries charged up in their car. So it is a win win situation. The fact that solar is so much cheaper now is even better and they do save you money that's for sure.
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Bibliography

  1. "Solar power in Australia." http://en.wikipedia.org/wiki/Solar_power_in_Australia. 2015.

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