Solar panels a big draw for buyers in the property market
RESIDENTIAL property prices have increased on average 6.8% year-on-year2, but new research reveals home buyers and renters are still willing to pay extra money for homes with solar panels installed.
Origin worked with realestate.com.au to find that landlords and home owners could add thousands of dollars to the value of their property, with a whopping 85 per cent of Aussies agreeing that properties with solar panels installed are more valuable, and most (78 per cent) believing it would add up to $10,000 to the price.
When just home buyers were surveyed, an overwhelming majority (75 per cent) said solar panels would make a home more attractive to them.
Solar panels are good news for landlords too. Three quarters (75 per cent) of renters said they would be more likely to choose a property if it had rooftop solar panels, with two in five (40 per cent) willing to pay $10 or more per week to do so.
- 85% of Australians think solar rooftop panels increase the value of a property
- Solar rooftop panels ranked as top 'green' feature to increase a home's value
- Three quarters of renters would pay additional rent to live in a property with Solar panels
Phil Craig, Executive General Manager Corporate Affairs at Origin says the findings show that people should start recognising their roofs as a significant asset.
"This research demonstrates that in addition to the benefits solar can bring to household finances, it can also provide a real boost for home owners if they decide to sell."
"This research is part of a wider campaign from Origin to encourage Australians to re-evaluate their roofs, and start recognising that empty roof space could be a wasted asset," said Mr Craig.
According to REA Group, owner and operator of realestate.com.au, the findings reflect increasingly widespread recognition among consumers of the energy generating potential of solar, as well as the pull of 'green power' on home buyers and renters.
"Having solar panels installed on your roof represents a valuable investment in your property, as this research shows. If you're looking to sell or lease your property, it's a really simple measure you can take to gain a competitive edge in the market. You should also speak to your agent about mentioning your home's solar power in your online listing," REA Group Chief Product Officer, Henry Ruiz, said.
Survey respondents ranked solar as the number one green feature to add value to a property, and a range of other energy saving features were also seen as contributing to a property's value (see table).
Aussies who said feature would add value
- Solar rooftop panels 85%
- Energy efficient appliances 79%
- Solar hot water system 78%
- Water tanks 70%
- Water saving fixtures 47%
Methodology: Research conducted on realestate.com.au using an external research provider. 1658 people responded to the survey which was in field for a week in April 2015.
Source: realestate.com.au Consumer Omnibus Study, April 2015