The constant demand for energy because of the rise of meta and technology has caused a strain in our planet never seen in centuries; however, through the efforts of scientists and environmentalists, the future as we know it might not be as bleak as we thought. With the magic of renewable green energy, the future of mother nature might have a glimmer of hope. As we speak, millions of homes around the world are currently investing in greener forms of energy. But what if I tell you that you can make a profit and protect the environment at the same time?

Yes, it’s true. Renewable energy like solar panel installations in homes can give you an increase in your finances by making your property value higher. So not only are you letting the planet heal from global warming, but you can also actually make your investment in such technology worthwhile. O’Brien Solar Panel Installation in Melbourne can give you a head start in this with their panel installation services, but first let’s check the many financial benefits you can receive by getting yourself panels for your home.

How Does It Increase Property Value?

Electricity Rates of Communities: Areas with higher electricity rates can increase the value of your home with solar panels. Since the demand for energy is high, it means electricity bills in these areas are also significantly higher. So, owning your own renewable energy source that decreases electricity costs significantly will be sought out in the real estate market. I mean, who wouldn’t want a home that isn’t too reliant on the electricity grid, right? So, make sure to assess your area if it falls in this category, because you might find yourself with a higher-rated home than everyone else.

Government Incentives and Credits: Some places have local government regulations that encourage the use of renewable energy. In other countries, some states provide a 30% deduction on installation costs. Not only that, but it also increases real estate tax because such home renovations are under the category of enhancing property, therefore increasing its value, but there are areas wherein this is not applicable because of the aforementioned regulations of deductions in installation costs. It’s better to check your local government website and laws to be sure.

Condition of your Solar Panels: Panels often have a lifespan of over 25 to 30 years; if your home is currently installed with new panels, then it can increase your residence’s value. However, it is important to take note that you should keep your panels up to date by proper maintenance and inspection. You need to make sure that once you take your home to the market, all your panels are working and maintained properly. A house that has faulty and ageing panels is not worth that much and might even impede its price since they would be more of a financial burden to the new owner than lessening the utility cost of the house.