How much value can solar energy add to a home?
Sian Hiatt, Sales Manager, discusses the benefits you could reap by installing solar panels onto your property...
If you’re someone who’s likely to be thinking about selling your home at some point in the future - perhaps to downsize in preparation for retirement, or because you’d like to move to another area, for example - you may want to think about things you can do to the property that will offer longer-term benefits to help better attract suitable buyers.
There has been growing media coverage over the past few years surrounding sustainable, environmentally-friendly renewable energy, so most homeowners are at least somewhat aware of the positivity surrounding energy-efficient upgrades to their home. Utilising solar panels on a property can offer fantastic benefits in both the short and long-term, so it’s something that can benefit you, the value of your property, and your buyers in the future.
Renewable energy to add value and attract buyers
According to a study conducted last year by UK based solar panel specialists EffectiveHome, homes with solar panels had seen an increase in value by an average of 14%. Property prices across the board have been on a consistent upward trajectory for a fair while now, so it’s interesting to see the impact that solar energy and its benefits, such as lower energy bills and lower carbon emissions, are having on the value of homes that have them - not to mention its ability to improve your homes overall EPC rating. Although homeowners are likely to be aware of the green credentials and benefit of lowers bills that sourcing solar energy can bring, it probably comes as quite a surprise to many that so much value can also be added to their property.
The fact the value of a property can increase by as much as 14% or more when fitted with solar panels shows that there is a real appetite for cheap and sustainable energy as homebuyers are conscious of increasing energy prices and global warming.
The study discovered at the time it was carried out that the value of a home associated with the installation of solar panels increased by an average of £32,459. It should be noted that the study also found that some homes benefitted a great deal more than others based on their location, with homes in London for example increasing by as much as £90,000.
Reduced energy costs add appeal to your home
Choosing solar is expected to bring savings of at least £27,000 - and probably a great deal more - on energy bills over the lifetime of a homeowners mortgage.
Solar energy can bring the following benefits:
- Increase in property value
- Solar power is a renewable source of energy which is quickly gaining significant interest
- Lower energy bills
- Very little maintenance is needed with solar panels
- Indicates that the home and its owners are forward-thinking and geared up for the future
Where there are positives, there usually a few negatives, so it’s only right that we highlight a few potential drawbacks you’ll have to take into account:
- Solar panels have an upfront initial cost for the installation
- The overall benefits can be impacted by the weather
- There are some solar panels that take up quite a lot of space
Despite these potential drawbacks to solar panel installation, it’s still easy to see why so many homeowners believe the pros far outweigh the cons, and there is plenty of reason to believe that the adoption of solar energy will grow from strength to strength over the coming years and decades - something that can be especially useful right if it can not only save you money on your bills but also give your property an edge in a highly competitive market.
If you’d like to discuss selling your home don’t hesitate to get in touch with our expert sales team here at CPS Homes. We have branches across Cardiff so you’re very welcome to pop in for a chat, or alternatively feel free to give us a call on 02920 668585 or send an e-mail over to enquiries@cpshomes.co.uk.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
