Does Solar Increase Property Values in 2023?

Solar panels have become increasingly popular in recent years as a way to save on energy costs and reduce one’s carbon footprint. But in addition to the immediate benefits of using solar power, there are also potential long-term benefits in terms of property value. In this article, we’ll explore the link between solar panels and property value, including the potential impact of solar rebates and battery storage on the value of a home in 2023.

1: The Benefits of Solar Panels

When it comes to the benefits of solar panels, there are several key factors to consider. For one, solar panels provide a clean and renewable source of electricity, which is a major selling point for many homeowners. Additionally, solar panels can help homeowners save money on their energy bills, which can be a major incentive for those looking to reduce their monthly expenses.

One of the biggest benefits of solar panels is the potential increase in property values. According to a study by the National Renewable Energy Laboratory, homes with solar panels tend to sell for more than homes without solar panels. In fact, the study by Zillo found that homes with solar panels sold for an average of 4.1% more than homes without solar panels. This suggests that solar panels can be a valuable investment for homeowners looking to increase the value of their property.

2. The Potential Impact of Battery Storage on Property Values

In addition to solar panels, another technology that’s gaining traction in the residential market is battery storage. This technology allows homeowners to store excess solar energy for use during times when the sun isn’t shining, such as at night or on cloudy days. As a result, properties with battery storage may be even more attractive to buyers, as they can potentially save even more on energy costs.

In 2023, it’s likely that there will be further developments in the battery storage market, which could make this technology even more appealing to homeowners. For example, the cost of battery storage is expected to continue to decrease, making it more affordable for homeowners to install. In addition, we wouldn’t be surprised if the new Albanese government introduces new battery storage rebates in the future, which could help offset the upfront cost of installation.

3. The Link Between Solar Panels and Faster Home Sales

In addition to the potential impact of solar rebates and battery storage on property values, there is also evidence to suggest that properties with solar panels may sell faster than those without. In a 2019 study, the National Renewable Energy Laboratory found that properties with solar panels sold faster than comparable properties without solar, with an average time on the market of just 27 days.

There are a few reasons why properties with solar panels may sell faster than those without. For one, as we’ve already discussed, the availability of solar rebates and the potential for energy cost savings can make properties with solar panels more attractive to buyers. In addition, the increasing popularity of solar power means that there is likely to be a growing number of buyers who are specifically looking for properties with solar panels.

4. Additional value for homes with protection from power black-outs

In addition to the potential increase in property values, homeowners who install a battery capable of backup can also expect to see a boost in their property values. In Australia, blackouts and power outages are becoming increasingly common, the ability to provide backup power during these events can be a major selling point for potential buyers.

In fact, a study by the Lawrence Berkeley National Laboratory found that homes with backup batteries sold for an average of $15,000 more than homes without backup batteries. This suggests that the installation of a battery capable of backup can provide a significant increase in property values for homeowners. Additionally, the availability of rebates and incentives for backup batteries can help offset the cost of installation, making it a more affordable option for homeowners.

4. The Future of Solar and Property Values

Looking ahead to 2023 and beyond, it’s clear that the link between solar panels and property values is only going to become stronger. As the cost of solar technology continues to decrease and the availability of solar rebates and battery storage increases, properties with solar panels are likely to become even more attractive to buyers. As a result, homeowners who invest in solar power are likely to see a positive impact on their property values.

Benefits for the Property Values:

In conclusion, the evidence suggests that solar panels can increase property values in 2023 and beyond. Whether through the availability of solar reband battery storage rebates, the potential for energy cost savings, or the faster sales times for properties with solar panels, there are many ways in which solar power can boost the value of a home. For homeowners looking to increase the value of their property, investing in solar panels is a smart choice that can pay off in the long run.