Is a Solar Improvement Right for your Kelowna Home?
Tips & Advice from your Kelowna Electricians at Greenway Electrical
Solar panels bundle both investment opportunities (the net value of generated electricity) and conspicuous consumption opportunities (that it is the common knowledge that your home is “green”). Toyota Prius and solar homes are the best known examples of “green products” sold on the market, showing the success and adaption rate of the market towards alternative energy.
The owner of a solar home enjoys reduced electricity bills and, if an environmentalist, enjoys the “warm glow” for “doing ones duty” by producing less greenhouse gas emissions. Because the presence of solar panels on most homes is readily apparent, the solar home owner is aware of the community transparency of his efforts. This “observability” is likely to further increase the demand for green products beyond the financial savings. It is anticipated that solar homes will equate to a price premium within larger environmentalist communities within the Okanagan, as the inherent economic value is a greater goal to the valley. But this goal is often allusive with many home owners seeking advice from Greenway Electrical in regards to the potential return on investment verses associated installation costs. We have compiled some of the top ten reasons why a solar improvement is right for your home:
1) Completely eliminate or drastically reduce your electric bills
2) Earn instant and consistent returns on your investment
3) Protection against rising energy costs by eliminating dependency
4) Potential to increase your property value with a premium price
5) Boost the Okanagan’s energy independence and environmental movement
6) Investment in your local economy with planned growth in alternative energy sectors
7) Minimize your energy footprint by producing less greenhouse gas emissions
8) Personally or professionally, demonstrate your values and commitment to sustainability
9) Remain competitive in property resell by providing energy alternative options
10) Seize the opportunity for conspicuous consumption and motivate your community
Solar installation can be thought of as a quality improvement to the home and can be applied to existing homes or new builds. How home upgrades such as purchasing Energy Star appliances, or improved insulation and their effects upon resale values can be evaluated (and sought after by potential home buyers), the same considerations are made towards solar installations. Prospective buyers often evaluate the longevity of the panels multiplied by the consistent savings in utilities to determine whether installation is financially beneficial. But the value of installed solar panels may be influenced by factors beyond financial implications, people may have preferences for the production technology used to generate the electricity they require if they are concerned about their individual environmental impact or value their own energy independence.
Number Crunching can lead to Property Value Increases
The average home in the Okanagan uses 12,000 kWh per year and can fit between 12 and 16 solar modules on the roof, with each solar PV system generating between 3,632 kWh and 4,843 kWh per year (eliminating dependence upon traditional energy). Estimated costs for the solar system can range between $10,000-$13,000 to install, with standard warranties ranging between 20-25 years. At Greenway Electrical we often encounter clients that are surprised by the longevity of the warranty and the fact that most systems power efficiency is only 20% decreased after a quarter of a century use. In addition, electrical rates are expected to increase an average of 3% making the return on investment an accelerated payback that can utilize tax incentives for instant savings.
While both a financial investment and consumption opportunity, the installation of solar panels by Greenway Electrical can provide your home with the potential for a premium price to be applied to your property, ultimately increasing your resell opportunity between $2-3 per installed watt ($6000-$12000 based on the average Okanagan roof). For each property we have the capability to provide methodology to support the investment costs, initial savings available in incentives, and on going savings derived from an alternative energy source.