It has become apparent that loadshedding is here to stay due to continuous challenges in electricity generation and distribution, making alternative sources of energy like solar power increasingly attractive to Homeowners.
Apart from becoming self-sufficient, other benefits of solar installations for South African Homebuyers include:
1. Energy independence: Solar panels allow homeowners to generate their own electricity, reducing dependence on the national power grid and mitigating the impact of load shedding. This increased energy independence can provide peace of mind during times of power outages.
2. Cost savings: While the upfront cost of installing solar panels and inverters can be significant, they offer long-term cost savings. Solar power can significantly reduce or even eliminate monthly electricity bills, providing a return on investment over time. Additionally, government tax incentives and net metering programs may be available to further offset the cost.
3. Environmental benefits: Solar energy is a clean and renewable energy source that produces electricity without generating greenhouse gas emissions. By adopting solar power, homeowners can reduce their carbon footprint and contribute to a more sustainable future.
4. Increased property value: Homes equipped with solar panels and inverters tend to have higher property values and appeal to buyers. The presence of a solar energy system can be a selling point and provide a competitive advantage in the real estate market to achieve asking price or close to vs. properties who do not have this feature.
5. Reliability during outages: Solar panels coupled with battery storage systems can provide backup power during load shedding. Excess electricity generated during the day can be stored in batteries and used when the sun is not shining or during power outages, ensuring a continuous supply of electricity for essential appliances.
Tip: It's important to consult with reputable solar energy providers to assess your specific energy needs, determine the appropriate system size, and ensure compliance with local regulations. It is imperative to obtain a Compliance Certificate from the supplier upon completion of the installation to ensure you have a safe system and continued to be covered by insurers. Additionally, consider factors such as the orientation and available roof space of the property to maximize the solar energy potential.
As the demand for solar panels and inverters grows, there are now options of both rent-to-own or financing solar installations through new or existing home loans with various Financial Institutions in South Africa.
We looked at several studies which reflect that solar panel installations can increase the value of your property by up to 4-8%, this however is dependent on a number of factors:
- The size of the installation determined by how many solar panels, inverters and batteries are installed, which determines the saving on electricity
- The quality of the panels and their expected lifespan
- The warranty of the solar panels
- The location of the property
In closing, solar installations definitely do increase both the attractiveness of your property at asking price by potential buyers and the value of your property price, pending the type of system and location of your property.
Until next edition. Jacqui and Jennifer | Your BIG BAY team