When homeowners think about solar panels, they typically only consider energy savings and environmental benefits. So that’s a pretty solid reason to make the switch, but did you know your home value is also going up? The data might surprise you.
The Numbers Don’t Lie
Several academic studies agree that solar panels add value to property. The National Renewable Energy Laboratory concluded that homes with solar panels are valued at around 4% more than comparable homes which don’t have them. That is an additional £12,000 in value for a £300,000 home.
Newer British studies suggest the figure could be even bigger. Homes with solar sell for 4-14% over market, depending on area and PV system size. In regions with higher electricity costs and stronger environmental sensitivities, the premium will hit the upper end of that range.
Why Buyers Pay More
Potential buyers value it right away and for the future: Those panels are in-demand. You’re buying a home that day one will have drastically-minimised electricity bills. The high cost of energy, and the need for it to be used in-home, makes this an increasingly appealing option.
The second wow here for buyers is the acknowledgment that solar adds significant value to a home, and doesn’t have to be installed by them personally. The completion of the research, planning and installation ánd over… Turnkey energy solution. For Solar Panel Installation Bristol, visit https://redbridgeandsons.co.uk/solar-pv-panels/solar-panel-installation-bristol/
Location Matters Significantly
Home value gains fluctuate dramatically by location. The largest premiums occur in regions with high electricity rates, green sensibilities and ample sun exposure. The north of Britain consistently sees smaller value rises than London and the south east,
Market growth, for example: We know homes with solar panels are worth 4.1% more than comparable non-solar properties; rural property sees larger percentage increases than urban because many eco buyers intentionally seek sustainable living and will pay a premium to get it.
The Marketing Advantage
Properties with solar sell faster than those without. Estate agents say that solar panels serve to set properties apart in a crowded market, appealing both to green buyers (given how favourably many of them naturally regard the technology) and harder-nosed shoppers who want low ongoing costs.
Potential Drawbacks
Solar panels aren’t appealing to all buyers. Some fear regular maintenance, a hole in their roof or unsightly aesthetics. However, these concerns are waning as solar technology goes mainstream.
As a general rule, however, solar panels do contribute more in-property value than their cost to install – especially when you consider the energy savings over time. They’re one of the very few- and most sustainable home improvements that actually pay for themselves in both dividends to your asking price and value.