Photovoltaic Panels and Your House

In previous posting we have discussed the investment aspect of solar photovoltaics. In this article we will talk about photovoltaic systems and house. We will see that installing photovoltaic panels on your house not only increases resale value of your home without increasing property taxes, but it may protect your roof, help to reduce your energy bill, and be a great selling point for your house. Not to say that they will actively demonstrate your green attitude.

Does PV add to the Resale Value of my home?

Based on US data one can conclude: yes, PV does add to the house value. Research published in the Appraisal Journal concluded that “the increase in appraisal value for a home is about twenty (20) times the annual reduction in operating costs due to energy efficiency measures” (Nevin and Watson, "Evidence of Rational Market Valuations for Home Energy Efficiency," Appraisal Journal, 1998).
According to a study by the National Appraisal Institute, a PV system will add $10-$20 to the value of your home for every dollar saved over the course of the year. For instance, if your system generates $2,000/year, it would typically add $20,000-$40,000 to your home's value.

Does PV increase my property taxes?

It may in some jurisdictions, but not in Ontario. The Ontario Ministry of Finance has confirmed recently that there will be NO property tax implications resulting from installing small renewable energy systems, including solar electric and solar thermal systems.
Thus, installing photovoltaic system for Ontario homeowners is a unique home improvement that generates stable income without property tax implications.

Does it impact my roof?

Yes. A PV system shadows the covered part of the roof and protects it from UV, which in combination with water is the primary source of asphalt shingle degradation. Thus, installing a PV system will protect roof materials on southern parts of the roof (which experience direct hit from the sun) and will extend your roof's service life.

Will it reduce my energy bill?

A properly installed PV system may reduce your energy bill by keeping your home cooler in the summer and warmer in winter. A PV system shadows the covered (southern) part of the roof and and reduces the heat gain on the roof surface, in doing so it decreases the heat transfer in the attic during summertime, lowering your A/C bill. In wintertime, the narrow distance between the solar panel and roof may work as additional thermal insulation, in turn reducing your heating bill.

Green Attitude

You will be reducing the carbon footprint, meanwhile also contributing to a cleaner Earth. With increasing global warming awareness, you will demonstrate to yourself, your kids, your friends and your neighbours that you truly care about the environment.

The solar photovoltaic system is a great investment and may be a great selling point for your house. While helping the environment does not add up to much financial gain in a real estate contract, giving the buyer this peace of mind coupled with steady income without increasing property taxes, extended roof's service life and reduced energy bill certainly would assure them of increased equity for years to come.

To learn more about solar installations visit Solar PV Installation.