Experts weigh in on whether solar panel installations boost home value
Solar panel installations have seen a significant surge in recent years, with more and more homeowners making the switch to renewable energy. According to the Microgeneration Certification Scheme (MCS), installation numbers for solar panels are on the rise.
One of the main drivers behind this trend is the steep drop in solar panel costs over the past decade. Solar panel costs have plummeted by an impressive 73% since 2011, making them more affordable for homeowners.
This decrease in cost, combined with the rising energy costs, has made solar panels an attractive option for many homebuyers. A survey from Admiral Money found that three-quarters (76%) of buyers would be more likely to purchase a property with energy-saving measures, and solar panels have become increasingly popular as a result.
The added value that solar panels bring to homes is another factor that has contributed to their popularity. According to a report by Octopus Energy, solar panels can add £1,350 - £5,400 (0.5 - 2.0%) to the value of an average home. A survey from Admiral Money also found that homes with solar panels are selling at an average of 25% more compared to similar properties in the same area without them.
However, it's important to note that the added value from solar panels does not account for the cost of implementation. The cost of solar panel installation is around £7,000, according to current estimates. But with a payback period of 9 - 11 years, depending on energy tariff, homeowners can expect to recoup their investment over time.
If homeowners are renovating on a budget, it might be wise to invest in energy-efficient measures like insulation and draught proofing before installing solar panels. It's also important to clean solar panels well, undertake regular checks, and protect them from nature to ensure they function properly and efficiently.
Solar panels should be professionally installed and not be moved to a new home. This is because the panels are designed to be fixed in one place and are aligned to maximise sunlight exposure.
The gas boiler ban, which will prevent solar panels from being installed in new homes from 2035, is another factor that has contributed to the growing popularity of solar panels. As more homeowners make the switch to solar, it is clear that solar panels are seen as having value both now and in the long term.
Marc von Grundherr, director at the London-focused estate agency Benham & Reeves, has also weighed in on the topic. He stated that adding solar panels to a property can boost its market value by around 4%. He also emphasised that solar panels are a valuable asset in the long term, as more homeowners are making the switch to solar.
In conclusion, solar panels have become an increasingly popular option for homeowners, with their cost dropping significantly over the past decade and their added value becoming more apparent. With the gas boiler ban and the growing trend towards renewable energy, it's likely that solar panels will continue to gain popularity in the years to come.
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