Anyone who owns a home will naturally want to maximise its value. Typical ways are with new carpets, new windows, insulation and the like. But what about solar panels: can they increase the value of your home?
Are solar panels and property value linked? They are; houses with solar panels sell for £1,891 more on average, for a variety of reasons. This gap between solar-powered houses and houses without a green energy source is only likely to become wider as more and more people choose renewable energy for the environment’s sake.
The blog piece below first looks at how much your home’s value might go up installing solar panels, with a breakdown of the reasons why. It also touches on the concerns some people have about solar decreasing house prices and explains why these issues aren’t anything to worry about.
Can solar panels increase the value of your home?
Solar panels can help increase a property’s value, and in more ways than one. This exact question has been studied by Solar Energy UK, a solar non-profit trade association. According to their recent research,
“Analysis of more than five million property sales shows that installing PV on a typical home could increase its value by £1,891—£2,722. Solar property commands a price premium of c.0.9%—2%. This means that the sale price of a home can be increased by half the cost of installing a PV system itself.”
The precise amount depends on several factors, including the current value of your house, its location, its size, and whether you have anything additional installed like an electric vehicle charge point. But the bottom line is: solar panels increase the value of your property.
Why do solar panels increase the value of my property?
Solar panels cost several thousand pounds to install. This value is reflected in the price you might be able to ask for your house.
Panels are much like any other kind of extension or feature you add to your house for a significant initial outlay. Say, for example, that you have brand-new double glazing installed before you sell your home: this would be reflected in the sale price. Similarly, the cost of the panels and their installation add to your home’s value.
Your bills will be cheaper
Solar panels represent a significant yearly saving on your bills. Because this is a fantastic benefit while you’re living in the property, it can also form a part of a general package that ups the price of your house.
It’s even possible for your solar panels to make you money. If you generate more electricity than you can use or store, you can sell it to the grid for profit. Telling a potential buyer that they can not only save money on bills but make money through solar power, will be a big tick in your favour—and may help your house command a higher price.
EV charge points, batteries and more
Depending on who installs your panels, there are optional extras that you can choose to have installed alongside them. These include EV charge points, batteries for storing excess power, and smart meters (which help you export your energy back to the grid).
People will pay more for houses that are green or highly energy-efficient, something which is only going to become more common as we move towards a greener, clean electricity future. By future-proofing your house, you will add to its price, now and in the future.
They help your home stand out
Finally, they can help your home stand out when it’s up for sale. The housing market fluctuates: sometimes it’s a seller’s market, and sometimes it’s a buyer’s market. In a buyer’s market, having something that makes your house different to the rest could help it sell for that little bit more.
Can solar panels decrease the value of your home?
House prices and solar panels may be linked, but they’re linked positively, not negatively. The straightforward answer is that solar panels don’t negatively impact your house price.
If you don’t yet have any panels installed, you might think that they represent an ongoing cost in terms of maintenance. Due to technological advances, that’s not the case: solar panels don’t need to be maintained, and hardly even need to be cleaned.
That’s because they come with a special coating that repels water, dust and dirt. It’s sometimes called a ‘self-cleaning’ coating. Regular rainfall will be sufficient to keep solar panels clean and functioning efficiently.
Another worry might be that the panels have to be replaced as they become outdated. It’s true that technology moves along all the time, but you won’t need to take a panel down until the end of its lifespan, which is typically after more than 25 years.
Contact Solar Together
Solar panels could increase your property’s value, as well as provide you with other great benefits. Besides that, the societal move towards a more electric world lends itself to houses that have solar capabilities; electrification is the general direction of travel as the world needs to decarbonise and move away from fossil fuels.
That's why we created Solar Together.
Solar Together is a group-buying scheme that can help you significantly reduce the cost of having solar panels installed. We work in conjunction with local authorities, grouping residents together from across the country, giving you exclusive access to a discount price on PV systems.
We vet suppliers for the quality of their service so that you don't have to. Beyond that, we even offer optional add-ons like battery storage and EV charge point installation and insurance-backed guarantees for customer protection.
We understand why that might sound too good to be true. So, why not learn more through our Blog? And if you’re ready to start your renewable electricity journey, you can register using the button below.