Attention to all homeowners out there who are looking to sell their homes or increase the value of their property: would solar panel be a good investment if you intend to move next 5-10 years?
The answer is Yes, installing solar is a value-added for most home-buyers, and could represent a good return on investment for you when you choose to sell your house.
According to a study from the Lawrence Berkeley National Lab (LBL), installing solar increases value for your home, and it could represent a good return on investment for you when you choose to sell your house. Between 2002 and 2013, the study investigated home pricing trends by analyzing nearly 22,000 home sales; it concluded that installing solar panel would boost resale value. The report found “those home buyers are consistently willing to pay PV home premiums across various states, housing and PV markets, and home types; average premiums across the full sample equate to approximately $4/W or $15,000 for an average-sized 3.6-kW PV system.”
If you are thinking of purchasing a solar system for your home, the study’s conclusions prove that the investment in solar panel is a wise decision. Lawrence Berkeley National Laboratory’s a report entitled, “Selling Into the Sun: Price Premium Analysis of a Multi-State Dataset of Solar Homes” explains that homes with solar panels will benefit from a ‘solar premium’ when they are sold because buyers are willing to pay more for a home with solar panels.
How much Does Solar Panel Increase Home Value?
To find the exact calculations, please feel free to use property value increase calculator at Blue Sky Solar Inc.
Federal or Provincial Incentives and Rebates
There are many federal or provincial solar incentives and rebates being offered in Canada from time to time. For example, in April 2018, Province of Manitoba offered incentives programs to both residential and commercial customers, where they could receive up to $200,000 from this incentive, which is almost one-third of the total costs of a solar PV system. After the installation is complete, Manitoba residents immediately noticed their electricity bill drop by 80% to 100%, starting from the first month.
The exciting news is that Ontario government incentive is launching summer of 2018 and Alberta incentive is expected to launch 2019.
The Ontario Incentive The program provides the following:
$1.00 per watt for solar PV systems$370 per kWh for storage systems$1.50 per watt for solar PV & Storage systems$3.00 per watt for standalone off-grid solar PV and storage
For Alberta Incentive 2019, the residential customers can expect to receive up to $10,000 or 30% of the eligible system costs (lesser of the two), and the commercial customers can expect to receive up to $50,000 or 25% of eligible system costs (lesser of the two).
Looking for all these crazy incentives, think of how much money you can save and the residents don’t have to ever deal with rising hydro bills.