We have access to an inexhaustible source of power – the sun. Thanks to solar panels, we can harness this energy for a plethora of applications in everyday life.
The cells on solar panels absorb energy from sunlight throughout the day. That energy is collected and converted into direct current (DC) by circuits within the cells.
A solar inverter helps convert this direct current to alternating current (AC) which is further used in residential and commercial set up. This AC can be stored in a solar battery or sent back to the grid.
Do Solar Panels Increase The Value of Your Property?
The answer is yes. Although the initial costs associated with switching to a solar solution can seem high, the benefits and savings produce an excellent long-term return on investment.
Like many upgrades to a house, installing a solar panel system is not a decision that should be focused solely on how much more profitable your home would be. There are various other benefits as well. The most substantial advantage you can get with solar panels is the amount of money you save on your monthly energy bills.
Better for the environment and producing about half of the energy needed to power an average home are some clear benefits of solar panels.
5 Factors That Influence How Much Value Solar Panels Increase
1. Place You Live
With solar panel installations, location (geography/state) is an essential factor determining how much value will be increased. For Instance, India installed 36.9 GW of solar energy across the nation in 2020, establishing its status as the world’s third-largest solar market.
With a potential capability of 363 GW and schemes based on the renewable energy sector, it is expected that Northern India will become India’s renewable energy hub.
Therefore, Installations in active solar markets such as northern India will usually generate higher returns than comparable installations in less developed markets since at the beginning of the process, consumers appear to be more familiar with solar benefits.
2. Cost of Electricity In Your Area
It is a no-brainer that if the per-unit cost of electricity is high in your area, then mounting solar panels would be a valuable addition to your property.
After you save enough on your energy bill to recoup your initial investment, running on solar energy effectively means free electricity for the panel’s remaining life, which is usually around 25-years.
India’s Solar Energy Corporation provides 30 percent subsidies to the residential sector for mounting solar panels. This is to reduce the dependence on electricity and encourage the use of solar panels.
3. Size of The Installation
The relationship of the value of your property is directly proportional to the solar system’s size. A more extensive system with better solar panels and a large solar capacity would usually lead to an enormous rise in the land’s value.
If your solar system is sufficiently large for your house and runs at peak efficiency, you are likely to see an increase in your property value. Of course, the system’s quality is also critical, so make sure that your solar panel installer provides you with an optimal set-up and equipment of high quality.
4. Type of Solar Panel
A significant consideration for any solar system is photovoltaic efficiency. Indeed, the efficiency of the photovoltaic modules chosen will decide your solar power plant’s return on investment by guaranteeing you the optimum long-term output of solar energy.
There are various types of solar panels like monocrystalline PERC, polycrystalline, thin frame, bi-facial, etc. You can compare them on numerous parameters like aesthetics, costs, performance, portability, and flexibility and make the choice that will give you the best returns.
5. Warranty of Your Solar Panels
Solar panels are protected by Solar Panel equipment warranties. This entails some flaws in production, problems with reliability, or malfunction of equipment.
Usually, the warranty covers the expense of replacing a defective or damaged panel with a new operating one. Most solar panel equipment warranties last up till 25years.
Your property value will strategically shoot if your solar panels have an extended warranty, life span, and are of premium technology.
It is necessary to understand the solar panel’s installation factors that affect your system’s amount of solar energy output. Proper planning and smart design will help you get the maximum value of your property.
You should only trust reputed brands like Luminous, which are pioneers in this segment. Have a look at their website to make an informed decision.
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Author: Tom Eastwood