Solar Panels Boost Property Values
14th September 2020
14th September 2020
You don’t need to be looking to sell your home to benefit from adding value to your home. There are many ways you can add value to your property that provides you with short and long-term benefits.
For many homeowners, energy efficient upgrades have been hugely important in recent years. A lot of people are placing greater importance on being green, and leading a more sustainable life. If you want to help the environment, making these changes make a massive difference in your life, and the world.
Of course, when you save energy, you save money. This has led many homeowners to look for ways to reduce the amount of energy they use, and one solution is solar panels. You have a chance to lower your energy bills, but you will also make your home more appealing to buyers.
This helps you sell your home, and it can also help you achieve a higher price in the housing market.
A study by EffectiveHome, a company which specialises in solar panels, found that sales prices for homes with solar panels have risen by 14%.
The study suggests the average increase in value associated with installing solar panels is £32,459. Some areas which have benefited more than the average include:
Homeowners in London can expect to see their property value increase by £90,000
In Bristol, solar panels have been found to add £45,142 to the value of property
Edinburgh homeowners can add over £40,000 to the value of their home with solar panels
Going solar is tipped to help homeowners save more than £27,000 on their electricity bills over the lifetime of their mortgage.
Benefits of solar energy include:
Solar power is a renewable source of energy, which is of interest to many people
You can lower your energy bills with solar panels
There isn’t a great deal of maintenance associated with these panels
It indicates the home, and its owners, is forward-thinking
Some potential drawbacks of solar energy include:
There is an initial cost in installing the solar panels
Your overall benefit is impacted by the level of sunlight you enjoy at home
Some solar panels take up a considerable amount of space
Dan Graby is a Director at EffectiveHome, and he said; “With house prices currently experiencing a mini boom, it’s interesting to see what impact solar energy and benefits such as reduced energy bills and lowering carbon emissions is having. We hope our findings are a welcome surprise to property sellers across the UK who may be unaware that making energy efficient changes to their home, can make such a significant contribution to its valuation. There is a clear appetite amongst homebuyers to move to a property which is sensitive to spiralling energy prices, global warming and the environment we live.”
We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.