One thing we touched on in our previous blog about the cost of solar panels in 2016 is whether installing solar panels onto a property would affect its value.
There is a common belief that installing solar panels doesn’t affect the value of a home or even negatively affects its value which is actually far from the truth. This is partly because there are undoubtedly people who think that solar panels look ugly – design and style is all subjective after all! However, this is also partly down to a proportion of estate agents who don’t understand solar technology and its benefits and so are incapable of appreciating the value they add.
There are three main reasons as to why solar panels will increase the value of your home.
Although homes with solar panels in the US sell for a premium, people are still coming to terms with solar technology and their benefits here in the UK. If your moving house and selling a property with solar panels, part of your sales tact should be to educate your estate agent and prospective buyers on the value of solar energy. Demonstrate the difference it has made to your energy bills and your EPC rating as well as the payments from the FIT.
The earlier you sell your home having installed solar panels, potentially there is more chance on you losing out financially since it costs between £5,500 - £7,000 for a typical domestic installation.
If you’re looking to purchase a property with solar panels installed, be sure that it is the current homeowner who is receiving the FIT payments rather than an external company as part of a ‘free installation scheme’. However, even if you don't receive FIT payments, you’ll still benefit from cheaper energy bills. Also, in order to receive FIT payments, the system needs to have been installed by a MCS approved installer. Be safe in the knowledge that providing correct installation has been carried out, the system will have a warranty in place.
To conclude, solar panels installed on your property will only have positive impact when looking to buy or sell. The UK still has a long way to go until the value of solar panels in the property market is fully appreciated, so educating estate agents and prospective buyers is vital.