The Latest Findings!
Solar panels are on the rise, and in the past decade or so, they have become a ‘must-have’ feature for any environmentally conscious homeowner.
With more and more people turning to renewable energy, the same question is often asked: do solar panels increase the value of a property?
Up until recently, we did not have a definitive answer to this question. For many people, the value-adding potential of solar panels was plain to see, while others argued they could actually decrease the value of a property. It was a fair debate, with reasonable points being made on both sides.
But now, thanks to Solar Energy UK, we have some conclusive answers.
The Value of Solar Property – a game-changing report
In their latest report, entitled ‘The Value of Solar Property’, Solar Energy UK explored the benefits of residential solar rooftop systems by conducting a statistical analysis of more than five million property transactions. You can download the full report here.
So, what did they find?
Do solar panels increase the value of your home? If so, by how much?
Yes! By installing a solar PV system, a typical home could increase its sale price by £1,891 – £2,722.
The exact values will vary based on a number of factors, including the size of the house, the location of the house, and the size of the system installed. In the Midlands, the highest likely increase in value is £2,722, whereas in London it could be as high as £3,053.
As the report points out, this roughly equates to more than half the cost of installing solar panels in the first place. When you then factor in the yearly savings delivered by a solar PV system, which are an average of £330 a year, the return on investments for solar panels are there for all to see. Best-case scenario, your annual savings could be just shy of £1,000.
Effectively, a well-placed solar PV system can pay itself back in as little as nine years. If we’re talking about forever homes, which are typically occupied for 20+ years, then solar panels are an absolute no-brainer.
Implications for the future
The findings of this report translate to wonderfully good news – not just for solar PV homeowners, but also for the planet.
The case for higher levels of investment in solar is now stronger than ever. We’re expecting the government to support this with fairer solar-related taxes, which would encourage a surge in green initiatives.
Additionally, we’re hoping that this report will influence the ways in which new residential and commercial properties are designed. If profit was the defining factor for property developers on whether or not to build solar-friendly buildings, there is no longer any excuse not to do so. For the UK to meet its net-zero target by 2050, the vast majority of properties must henceforth be built with solar in mind.
We’re at a critical stage with our climate; the need to reduce carbon emissions has never been more urgent. The power generated from solar PV isn’t just value-generating – it’s also clean, sustainable, and unlimited. The more households embrace the planet-saving power of solar PV, the better.
If you want to add value to your home, and help save the planet in the process, get in touch!