In recent years, the vision of solar panels on house roofs has become more prevalent, representing a broader march toward using more renewable energy resources. The Scottish Government has even reported a 35 per cent jump in the number of solar panel installations north of the border over the past year.
This increased interest not only demonstrates an attempt to cut down energy bills and/or try our best for the environment, but it also has a huge impact on real estate. Solar PV systems offer added market value to your home, which bodes well for both the environment and your pocket.
What are solar PV systems?
Solar photovoltaic (PV) systems convert sunlight directly into electricity using semi-conducting materials. When sunlight hits the surface, the solar panels generate direct current (DC) electricity, which creates an electric field. The DC electricity is then transformed into alternate current (AC) by an inverter, ready to be used for your property’s electrical power or fed back right into the grid.
Types of solar PV systems
- Grid-tied systems: This type of system is connected to the local grid and allows homeowners to use solar energy without actually going off-grid entirely. Extra electricity produced can be sold back into the grid, typically through net metering, where they will get credits or payments.
- Off-grid systems: Independent of the local grid, off-grid systems draw power from battery storage. Perfect for off-grid systems or homeowners that only want their own independence from the electric grid.
- Hybrid systems: These systems will store the extra power inside a battery bank while staying connected to your electrical grid and feature elements of both grid-tied and off-grid systems. This setup is often more flexible and reliable.
Cheaper and more efficient solar PV systems are being adopted with increasing frequency. Like with these higher-performing panels, integrated battery storage solutions and smart inverters are other technological advancements that take the performance of your system to a new level. Further, the growing awareness for environment and governmental initiatives continue to prompt more people to turn towards solar energy.
Financial benefits of solar PV systems
We’ve already briefly touched upon the financial benefits of solar PV systems. Since most homeowners want to reduce their bills, this makes it very attractive to new buyers. Here are the main advantages:
Reduced energy bills
Solar panels transform the sun’s power into electricity, lowering what you otherwise would have had to pull from your utility company. Of course, the amount of savings will vary depending upon variables such as system size and solar irradiance local to your region; however many homeowners see a significant decrease in their monthly energy costs.
Tax incentives and rebates
Globally, many incentive programs have been implemented to reduce the cost of solar pv systems and promote their widespread adoption. Here are some typical incentives, which may vary by country and region:
- Investment Tax Credits (ITCs): Several countries provide tax credits that enable property owners to subtract a percentage of the cost of solar PV system installation from their income taxes.
- Grants and subsidies: A few governments offer specific grants where they provide direct financial support to customers, in order to save on the cost of solar installation. The source of these grants is from the national, regional or local government programs and are tailored to help you offset some costs that would have been paid while acquiring your solar systems.
- Net metering: This policy means that homeowners are only billed for the amount of energy they consume, while also receiving credits on their electricity bill if more than what was needed is fed back to the main grid by the solar PV system. Those credits can be used to offset the cost of grid electricity in future energy bills.
Long-term savings
A solar PV system is a worthwhile investment if it can provide you financial benefits in the long term. The return on investment (ROI) is typically good, with the savings made over time usually covering initial costs. Furthermore, solar PV systems can add to the resale value of your house which further increases financial returns when you decide on selling it.
Enhancing curb appeal
Solar panels now look good on nearly any home with slim, low-profile designs that complement a house instead of making it an eyesore. Technology, including solar roof tiles and building-integrated photovoltaics (BIPV), is changing the game by creating aesthetics that mirror conventional roofing materials while also providing power generation.
These are advances that help homeowners maintain the attractiveness of their properties while experiencing all the benefits to electric power from solar. Incorporating such stylish variants, solar PV systems offer enhanced energy efficiency and also positive aesthetic appeal to a house which can increase its market value.
Environmental and social value
Solar PV systems make your home clean and keep it from using fossil fuels to produce pollutive carbon. Green energy is something on which many environmentally-conscious buyers base their decision-making. Community members also benefit from increased job opportunities within the renewable energy sector as well as power independence on a broader scale.
For homeowners, the use of solar PV is helping to achieve sustainable goals and reduce their carbon footprint but it also drives a better future through creating cleaner air quality in our communities. It is factors such as these, which combine very real personal benefits with those to society, that make solar energy an attractive option for environmentally-aware consumers.
Conclusion
As you can see, there are many ways why a solar PV system would increase the value of a property, from the appeal of lower energy bills to generally looking more sleek and modern.
However, if you wish to have solar panels installed on your roof or in the most ideal place of your building, you must use a trained and reliable company to help you with that . They’ll guarantee the best energy efficiency, and therefore, a higher property price when it comes to reselling.
