Solar Still A Top Priority For Australian Home Buyers

Solar power and/or hot water systems are among the top ten key features for Australians looking to buy a home according to a recently published survey report. But buyer beware.

Realestate.com.au’s 2024 Property Seeker survey report was published a couple of weeks ago. While sustainability related information was scant, it revealed many property buyers are quite happy to inherit a solar power system with their purchase.

Coming in at number six on a top ten criteria list was solar energy and/or hot water. 37% of homebuyers surveyed considered it a key criterion and 23% indicated it was a feature they would stretch their budget for. The demographic most interested in existing solar were Boomers (those born from 1946 to 1964) at 49%.

There was little else about sustainability in this year’s report, but the 2022 Property Seeker Survey indicated 81% of homebuyers considered sustainable features in a property to be critical or important in their decision-making.

If you’ve been putting off installing solar panels because you might sell your home in the next few years, it’s worth bearing in mind the presence of a system could be very important to a bunch of potential buyers. And with solar system prices currently so affordable, it could add significant value without a massive outlay; meanwhile helping you to save on energy bills before you put the “for sale” sign up.

How Much Value Does Solar Power Add To A Home?

This is a pretty tough question. I wouldn’t like to put a number on it as I’ve seen all sorts of figures bandied about the place – some quite old when panels were comparatively very expensive and some based on information from the USA where systems are much pricier.

But if you can get back what you paid, I’d call that a good win as you’ll financially benefit from the system while in your home and also have it as a drawcard for the sale. It’s something to help your property stand out from the pack; although more of the pack will have panels installed as time goes on.

But ensure it’s a good quality system; for your own and a future buyer’s sake – and on that note…

For Home Buyers – Solar Savings Or Hip Pocket Hurt?

Since 2008, more than 3.9 *million* solar PV systems have been installed across Australia. Some of these systems are getting on in years, not all are of good quality and not all have been properly maintained or inspected since installation.

If a home you’re interested in is covered in solar panels, this doesn’t necessarily mean the system offers a shedload of power either. Panel capacities have come a long way over the years, allowing a smaller number of solar panels to generate more electricity.

With these sorts of issues in mind, make specific enquiries about the system; including:

• The system capacity – entry level these days is 6.6kW, but 10kW systems (and larger) are very common now.
• When it was installed.
• What brand and model components were used in the system (and research those).
• What the warranty is on those components (usually the warranty is transferable, but check).
• Who the solar installer was, their reputation and whether they are still around (the installer is the first port of call in case of warranty issues).
• How often it has been inspected (should be every 5 years) and a copy of the latest inspection report.

There would be nothing worse than to move into your new home only to have the system malfunction soon afterwards or find it’s really underpowered for your needs. You may find yourself up for a new solar system, plus the cost of removing and disposing of the old one; money that could go towards your mortgage.