Solar Panels Increase Property Values
30th September 2020 posted in Sellers
There is a heightened level of attention placed on house prices and increasing property values. There are many ways you can add value to your home. Some of the most effective ways to add value to your home offer short and long-term benefits.
Therefore, if you choose one of these methods, you benefit whenever you want to sell your home, even if that isn’t for a long time. The Land Transaction Tax holiday is encouraging buyers in Wales to move soon, and this is also affecting vendors, but you can take a longer-term approach in selling your home.
The right style of enhancement will help you enjoy your home now, and make it more appealing to likely buyers. Choosing an energy-efficient option is usually a sensible move, and many people find installing solar panels is a fantastic way to add value and make your home more appealing.
Solar panels are a bright idea
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
Do you want to lower your energy bills?
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.”
At Hunters Bridgend, we are proud to play a part in supporting a thriving and friendly local community. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.