☀️ Solar panels could possibly increase your home’s value by up to 14%
☀️ 69% of people looking for property would buy or rent a home with solar panels
☀️ Solar panels can improve your property’s EPC score, making it more desirable
Thinking about going solar? It’s a smart move! Not only do solar panels slash those pesky energy bills, but they also do a solid for the planet by cutting down on carbon emissions. Plus, you won’t be at the mercy of the National Grid’s whims. And guess what? The price tag on solar panels is on a downward trend.
Now, you might wonder if solar panels will bump up your home’s market value. Well, the word on the street (and by street, I mean research) is that they won’t throw a wrench in your plans to sell your place. In fact, they might just be the cherry on top that seals the deal for potential buyers.
Let’s dive into the nitty-gritty of how much extra dough solar panels could stack onto your home’s worth and unpack why they’re the hot ticket item in the housing market.
Still got cold feet about solar panels messing with your home’s value? Have a chat with your mortgage advisor. They’ll give you the lowdown on how solar can work with your property’s financial plan. Trust me, it’s worth the conversation!
Do solar panels increase the value of your property?
| Study | Year | Property price increase from solar panels |
|---|---|---|
| Solar Energy UK | 2021 | 14% |
| Zillow | 2019 | 4.1% |
| California study (The European Economic Review) | 2012 | 3.5% |
Let’s chat about the sunny side of solar panels and your home’s value. So, you’ve heard that solar panels are like a financial sunbeam for your property, right? Well, it’s not just talk. Studies are backing this up big time, showing that solar panels can seriously boost your home’s worth. But hey, it’s not a one-size-fits-all deal – some spots get more love from the solar boost than others.
Take this fresh-off-the-press study from the home improvement gurus at BOXT. They’re saying solar panels could pump up your home’s value by a sweet 14%. Now, if you’re chilling in the Southwest of England, you might see a bit less of that solar love. But if you’re up in the Midlands, you’re in for a bigger slice of the pie.
And it’s not just BOXT talking. Zillow, the real estate heavyweight, dropped a study in 2019 that shines a light on the same thing. They found that solar panels can hike up your home’s value by an average of 4.1%. That’s like tacking on an extra £9,500 to the average UK pad.
But wait, there’s more. If your home’s soaking up the rays in a sunnier spot, you’re in luck. Buyers might just be willing to pay a premium for that solar-powered goodness.
Flashback to 2012, a seven-year study out of sunny California showed homes with solar panels saw a value jump of 3.5% – and even more if you’re in a community that’s big on green living.
Oh, and let’s not forget a 2013 study by the UK government. They found that bumping up your property’s EPC rating (that’s Energy Performance Certificate, by the way) could also hike up its value by around 14%.
Also, a study from 2019 drops a bombshell saying solar PV can crank up your home’s value by a nifty 14%. But hold on, it gets even sunnier. In some lucky parts of England, that number soars to a whopping 38%.
Now, imagine you’re sitting pretty in one of those areas. You could be looking at slapping an extra £90,000 on your property’s price tag just because you chose to go green. How’s that for a sunny investment?
And here’s a juicy titbit from the folks at Greenlancer: homes sporting solar panels aren’t just fetching more cash; they’re also flying off the market quicker than their panel-less pals.
Examples of solar panels’ impact on UK property prices
Check out how much value could be added to your property in the table below:
| UK Location | Average Value of Property | Average added value from Solar Panels |
|---|---|---|
| London | £685,000 | £13,700 |
| Bristol | £325,000 | £6,500 |
| Edinburgh | £285,000 | £5,700 |
| Leicester | £225,000 | £4,500 |
| Manchester | £210.000 | £4,200 |
| Sheffield | £205,000 | £4,100 |
| Birmingham | £205,000 | £4,100 |
| Leeds | £205,000 | £4,100 |
| Glasgow | £180,000 | £3,600 |
| Liverpool | £165,000 | £3,300 |
The Property Industry View
Alright, let’s break it down with a bit of a chit-chat about solar panels and your home’s worth. Zoe Melarkey from Purplebricks shared some insider info. She mentioned that solar panels might not pump up your home’s price tag by default, but if you find an eco-conscious buyer, they could be a game-changer.
Here’s the scoop: solar panels are like magnets for folks who dig green living. They boost your home’s charm and make it stand out from the crowd. But there’s a twist – some of these shiny panels come with a lease. That means if you buy a house with leased panels, you’re also signing up for the remaining lease period. And let’s be real, not everyone’s jazzed about that.
Now, if the solar company owns the space above your pad, they’ll usually hook you up with a free installation in exchange for the lease. Sweet deal, right?
But if you’re the type who likes to keep things simple, buying your panels outright is the way to go. No strings attached.
And a word to the wise from Melarkey: think twice before you yank those panels off your roof. Whether you’re not keen on selling with them or you’re planning to deck out your new digs, removing them can cost a pretty penny.
So, if you’re weighing the pros and cons of going solar, remember it’s not just about the green you’ll save or generate – it’s also about finding the right buyer who values those eco-friendly vibes as much as you do.
Public Opinion on Solar Panels
So, solar panels – they’re kind of like the Marmite of the property world, right? Some folks love ’em, some might not be fans. But what’s the real tea on how they impact a home’s curb appeal?
Well, we got curious and did a bit of digging. We asked a bunch of Brits to weigh in on whether they’d be keen to buy or rent a place decked out with solar panels.
Here’s the deal: we gave them a scale from “I’d rather not” to “Heck yes, sign me up!” to gauge their vibes on solar-powered homes.
And guess what? Age seems to play a part in the solar panel saga. A whopping 74% of the younger crowd, Millennials and Gen Z, are saying they’re up for living in a solar-spruced home. The Boomers and Silent Generation are a bit more reserved, with 65% and 61% giving it the thumbs up, respectively.
Overall, 69% of our survey squad are on board with buying a solar-panelled home – that’s a jump from 65% last year. Looks like solar panels are getting more popular by the minute!
The solar industry isn’t snoozing on style, either. They’re cooking up sleeker designs, like those all-black panels that blend right in with your roof. No more silver frames sticking out like a sore thumb.
And for the ultimate in roof aesthetics, have you seen those integrated panels? They tuck in nice and cozy with your tiles, giving you that smooth, streamlined look.
So, if you’re mulling over whether to go solar, it’s not just about the energy savings – it’s about giving your home that modern, eco-chic vibe that’s getting the thumbs up all around.
Why do Solar Panels increase Property Value?
Let’s break down the solar panel buzz and see why they’re a bright idea for your home’s value. It’s pretty simple: solar panels can save you a bundle on energy bills. How much? Well, if you’re rocking a three-bedroom house, you could save around £482 each year on energy costs. Plus, with the Smart Export Guarantee (SEG), you can earn an extra £159 by selling any extra energy back to the grid. That’s a total of £641 in savings every year!
But wait, there’s more. If you snag a home that’s already got solar panels, you can wave goodbye to those hefty installation fees. It’s like getting a house with a bonus feature.
Think of solar panels as the home equivalent of a fancy kitchen remodel – they’re an upgrade that buyers are willing to pay more for. It’s like adding a conservatory or an extension; it just makes your home more valuable.
And here’s a hot tip: solar panels can boost your home’s Energy Performance Certificate (EPC) score by two whole levels. That’s a big deal because the government wants all homes to hit a ‘B’ rating by 2030. So, you’re not just saving the planet; you’re setting yourself up for a win when it’s time to sell.
The Department of Energy and Climate Change (DECC) crunched the numbers on over 320,000 properties and found that improving your EPC rating from a G to an E, or a D to a B, can seriously hike up your home’s price.
So, investing in solar panels? It’s not just good for the earth – it could be great for your wallet too.
Other factors to consider
Let’s talk turkey about what pumps up the value of homes with solar panels. It’s not just about slapping some shiny tech on your roof; there are a bunch of factors that play into how much extra cash you could pocket when you sell.
Geographic location – it’s a biggie. Energy costs can be as varied as British weather, and they’re all about where you live. If your home’s in a spot where energy prices are sky-high, those solar panels are like gold. And with energy prices going up, up, up across the UK, more solar equals more value.
Sunshine is another piece of the puzzle. More sun means more power, and places like Cornwall are basking in the glow as the UK’s solar sweet spot.
Local solar installation prices – if you’re in an area where getting solar panels is as pricey as a London flat, a home with panels already installed is a steal. Buyers could save a cool £5,000, which is nothing to sniff at.
Age of the panels – just like a fine wine, solar panels have their prime. They’ll give you about 25-30 years of solid service before they start to get a bit tired. If your panels are getting on in years, they might not add as much value, since the new owner might need to fork out for fixes or a fresh set.
Now, let’s weigh the pros and cons:
Pros:
- Boost your home’s value by up to 14%.
- Make your home a hot ticket with up to 70% energy savings per year.
- Cut down on 1.6 tonnes of CO2 annually – and with 74% of adults worried about climate change, that’s a big plus.
- Solar homes are trending – there’s over a million in the UK, and 69% of folks would happily buy one.
- Solar energy is the people’s choice for top energy source.
Cons:
- Not everyone’s a fan of how solar panels look.
- Once you sell, you’ll say goodbye to those sweet, sweet solar savings.
In a nutshell, solar panels are a smart bet for bumping up your home’s value. It’s like giving your buyer a lifetime pass to savings city, and they don’t even have to pay the entry fee. You get a better price, they get to soak up the savings – everyone’s a winner.
Thinking of making your home more valuable and sustainable? Your next move is to get a free no-obligation quote from NXTGEN Energy and see how much it would really cost to install solar panels on your property.
Feeling ready to invest in Solar Panels? Want to learn more?
Your best option is to talk to one of our friendly solar energy experts on 01268 928 690 or click on the ‘Enquire Now’ button below and we will help you find the right fit for your home and budget. Remember we are both an MCS Certified PV (Panels) Installer and an MCS Certified Battery Storage Installer. MCS Certification is a mark of quality. Our membership of MCS demonstrates our strict adherence to these recognised industry standards; highlighting quality, competency and compliance.
NXTGEN Energy – Your Trusted Solar Energy Partner 💚
FAQs about Solar Panels in the Property Market
Solar panels offer a combination of benefits for both homeowners and the environment. They can reduce electricity bills, increase property value, and make homes more attractive to buyers who are increasingly interested in sustainability.
Homes with solar panels tend to sell for more than those without them. This is because solar panels can significantly reduce energy costs, which is a major selling point for many buyers.
Yes, there are several financial incentives available for homeowners who install solar panels. These can include tax credits, rebates, and net metering programs that allow you to sell excess electricity back to the National Grid.
The upfront cost of installing solar panels can be high. Additionally, there can be some regulatory hurdles and technical considerations to navigate.
There are many case studies of homes that have sold for more money and in a shorter amount of time thanks to solar panels. These examples showcase the financial and environmental benefits of solar energy.
The future of solar energy in real estate is bright. Advancements in technology are making solar panels more efficient and affordable, while policy changes and industry developments are creating a more supportive environment for solar adoption.
The increasing demand for sustainable living solutions suggests that solar power is not just a trend, but a transformative shift in the real estate market. Solar energy is expected to play a major role in creating a cleaner and more sustainable future.
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