How Renewable Energy is Affecting the Value of Real Estate

How Renewable Energy is Affecting the Value of Real Estate

As the economics behind solar energy is improved year after year, more people are making the switch to renewable energy in favour of the environment and their bank accounts. While it is a common belief that solar panels are a good investment only if there are no plans to move in the short term, Albertans need to keep in mind that a solar energy system reduces utility bills and incorporates innovation into a home, which serves to add significant value to the price of a home. The real estate market is showing an upward trend in real estate prices on homes with solar panels, with shorter times on the market. Some estimate that for every kW of solar energy installed, the value of your house shoots up by roughly $6000. The average size of a solar energy system on a home in Alberta is 4 to 7 kW and can be as low as $10,000. If you’re wondering how to add value to your home, the cost of installing solar power is well worth it. Here are some reasons solar power will increase the value of your home in Alberta.

Less Work to be Done by New Owners

Renewable energy has become a new hot commodity in real estate in the U.S. and throughout Eastern Canada. This trend is lagging behind in Alberta but is growing fast as the province focuses on diversifying the economy and integrating green and renewable energy throughout the province. The benefits of switching to solar power are too plentiful to be ignored. With the potential to save money on their energy bill and reduce their carbon emissions—something that Millennial homeowners do care about—solar energy is a highly attractive feature for many future homeowners who consider an eco-friendly home as a “must have.” By making solar energy available to the next owner, you’re eliminating the hassle of the installation.

The Earning Potential

The cost of solar panels in Edmonton and the rest of Alberta is at an all-time low, especially with the province’s newly implemented and generous solar rebate programs. Now, the installation of solar energy costs 80% less than it did a decade ago, which means that it will pay for itself much sooner. By the time you’re ready to sell your house, the value increase of your home will all end up in your pocket. By 2030, coal-powered energy will be completely phased out. Until then, aggressive carbon taxes will continue to hit less eco-friendly homes hard through their utility bills. Future homeowners won’t just see the environmental benefits: they’ll see the savings. New homeowners will be able to move in without having to worry about rising carbon tax and expensive energy bills.

Going Green Is the Way of the Future

There is no denying that climate change will have a profound impact on humanity, one that will directly affect society’s way of life. Municipalities, cities, provinces, and the federal government have overall embraced the scientific evidence behind climate change, and have taken strong legal, political, and moral measures to ensure the future sustainability of our world. Today, Albertans are offered a solar rebate program and a heavy-duty carbon tax. Tomorrow, who knows how our governments will incentivize sustainable practices? By installing solar power in your home, you’re preparing the next homeowner for a future in an environmentally responsible Alberta.

Enova Energy is one of the leading solar power solutions in Alberta. Behind Enova Energy is a team of highly skilled professionals who will design a completely customized solar panel system for your home or business. From start to finish, we ensure that your installation is handled with the utmost care to guarantee your total satisfaction. If you’re looking to add value to your home and save money in the meantime, contact Enova Energy today to discuss how solar energy is the ultimate solution.

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