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Do solar panels add value to your home? An expert’s advice

If you are after a more sustainable lifestyle that could save you money after the initial investment, installing solar panels in your home is a good place to start.

Solar Panels Home Value

Eco-conscious homeowners keen to go green are likely to consider solar panels to add value to their homes. Some experts say this asset is not yet having an immediate effect on resale value but it will certainly appeal to buyers who want to live off the grid. There is also the potential to save on electricity costs or, at the very least, become less reliant on Eskom for heating. The amount you save on electricity will depend on the size of your solar panels as well as your electricity and heat usage.

Benefits of solar panels

– Provide an infinite supply for solar energy, which generates electricity (photovoltaics) or heat (solar thermal)

– Save costs in the long term

– Increase desirability of the home (for future resale)

– Add value to the home

– Alleviate the effect of power-supply crises

– Low maintenance (clean panels a couple of times a year)

– Reduce carbon footprint

Living with loadshedding

Loadshedding in South Africa is a constant likelihood but even if that were not the case people are feeling the pinch with high electricity tariffs putting pressure on already-stretched household budgets. The National Energy Regulator of South Africa (Nersa) announced a 9.41% increase in electricity prices in April 2019.

“It makes absolutely no financial sense to keep paying for a resource like electricity that you can in fact generate for yourself with an asset that adds tremendous value to your property, hedges your costs for the next 20 to 25 years and will save you a massive amount of money over the cumulative lifespan of your solar investment,” Teresa Kok, director of the One Energy Group, told fin24.com.

Going green

Some homeowners may consider the installation of solar panels as too expensive but those who can afford them, regardless of whether or not they impact resale value, are installing them anyway. In South Africa, there’s always plenty of sunshine to generate the solar energy green households require. No matter how Eskom performs in the future, it’s reassuring to know that there is a sustainable alternative.

Teresa Kok, director of the One Energy Group, told fin24.com: “For me, the issues around water and electricity are both crucial factors for consumers to consider. If anything, from One Energy’s perspective, we have seen a massive upswing in the demand for [photovoltaic] systems for residential and commercial electricity generation. Consumers are increasingly wanting to become self-sufficient and the imminent cost increases coming from Eskom are a key driver.”

Developments in technology

Greenmatch.co.uk expects “innovations in quantum physics and nanotechnology to potentially increase the effectiveness of solar panels and double, or even triple, the electrical input of the solar power systems.”

If you’re in the market for a new home, bear in mind what features you require for your property to make you less reliant on Eskom. Why not use the home loan calculators designed by South Africa’s leading home loan comparison service to help you work out what you can afford? The ooba Bond Indicator will help you get prequalified and when you’re ready you can apply for a home loan with ooba home loans.

How much can you afford?

Calculate the home loan you are likely to qualify for and how much you can expect to pay monthly on your bond repayments.

Calculate

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