Increasing Demand for Solar-Powered Homes as Load Shedding Persists.
Category Investing
As load shedding continues to disrupt the daily lives of South Africans, there is a growing demand for properties able to keep their lights on throughout disruptive and intermittent power outages.
With the recent announcement of tax rebates for solar panel installations, the demand for solar-powered homes is expected to surge over the next few years. To help prepare buyers for an ever-adapting property scene, we explore the increasing popularity of solar energy and its impact on the real estate market in South Africa.
The Demand for Solar-Powered Homes
In response to ongoing load shedding, homebuyers actively seek properties equipped with solar power. The ability to have electricity even during power outages has become a crucial factor for potential buyers. With the advent of load shedding becoming a persistent issue, homeowners, now more than ever, are seeking long-term solutions that can provide an uninterrupted power supply.
Solar Panels as a Feature Shifts Homebuyer Priorities
Solar panels have emerged as a critical feature influencing homebuyer preferences. Speaking to property practitioners throughout the country reveals that solar panels have become one of the first questions potential buyers ask as they start filtering through potential offers on the market.
While once deterred by the aesthetics, buyers have flipped their preferences and are now more interested in the performance and long-term benefits of a dynamic power system offering potential off-the-grid benefits. With constant load shedding and rising electricity prices, solar power has become the preferred option, especially during the confluence of contemporary work-from-home lifestyles.
Off-the-Grid Living and Luxury Features on the Rise in Johannesburg
Beyond the apparent load-shedding concerns, off-the-grid homes are gaining popularity, especially within Gauteng. Buyers are drawn to the self-sufficiency and independence offered by the potential of never relying on the grid.
While security remains the number one selling factor for most South Africans, the high demand for off-the-grid homes, along with other luxury features such as home automation, cinema lounges, and rotating garage floors, remain hot sellers.
These features not only offer convenience but also align with the desire for a sustainable and modern lifestyle.
Solar Tax Rebate in The Works
In the recently announced 2023 Budget, the South African government took a significant step towards encouraging the adoption of solar energy by introducing a tax rebate initiative. According to the budget outline, individuals who purchase and install new, unused solar photovoltaic (PV) panels at their private residences will be eligible for a tax rebate of 25% of the installation cost.
This rebate applies to panels purchased and installed from 1st March 2023 to 29th February 2024, effectively incentivising homeowners to embrace solar power and contribute to a more sustainable future.
Sustainability and Resale Value
The addition of solar power to a home not only provides a reliable power source but also contributes to reducing the homeowner's carbon footprint. Implementing sustainable energy systems is crucial for a more eco-friendly future.
As the transition from coal to renewable remains challenging for governing structures, private homeowners are taking matters into their own hands, embracing solar energy and emphasising its enhancements and the resale value it adds to their properties. While homeowners prioritise off-the-grid status, they contribute to sustainable living in the long run.
In a country where load shedding poses ongoing challenges, solar-powered homes have become a beacon of reliability, sustainability, and resilience. With tax rebates further incentivising the adoption of solar energy, the trend towards solar-powered homes is set to accelerate, ensuring a brighter and more sustainable future for homeowners in South Africa.
Contact Ikonic Real Estate today.
For Real Estate professionals you can trust and rely on for industry-related expertise, contact us below for more information.
If you are looking to live in Silver Lakes Golf and Lifestyle Estate, Silver Stream Estate, Lombardy Estate & Health Spa, The Ridge Estate, Six Fountains Estate, or Willow Acres Estate and surrounding areas, then Ikonic Real Estate is your preferred property practitioner to assist you in all aspects of the selling and buying process.
Office Number: 083 452 5599
Cell Number: 083 452 5599
Email: martin@ikonic.co.za
Ikonic Real Estate holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Bryce Anderson