In an age of sustainability, green living and eco-friendly technology have become paramount to new home buyers.
As a result, many potential homebuyers are now looking at homes with solar panel availability as a key factor in their decision.
With the annual utility bills cost of more than £1,100 on average, and the cost of electricity continuing to rise, solar panels on houses have become a relevant financial investment for homeowners as well as an interesting source of energy.
If you’re considering buying a house with solar panels or planning to add them later, understanding if they add value to your home is important. But how do you know?
Here is everything you need to know about whether or not solar panels add value to your home.
How Do Solar Panels Add Value to Your Home?
Solar panels are an expensive upfront investment. They can cost up to £6,000 to install, depending on the size of your property and the amount of energy you’re looking to generate.
Because of this, many potential homebuyers on the market are often wondering: do solar panels add value to a house? The simple answer is yes.
Solar panels add value to homes in a variety of ways. For one, you can use them as a negotiation tool when you’re buying or selling a house. Solar panels are a great way to lower your energy bills and prove to buyers that you’re a responsible homeowner.
If you’re looking to sell your home, solar panels can be a great marketing tool to attract environmentally conscious buyers.
Does the presence of solar panels increase home value?
Yes! The presence of solar panels is a great indicator that your home is efficient and eco-friendly. This kind of added value will increase the value of your home overall on the market.
If you’re buying a home that has solar panels installed, you can expect to pay 14% more on average than a home without them. This is because most solar panels are installed after the initial purchase of a home, so they don’t affect the home’s price at resale.
How much do solar panels add to your home’s value?
In the long run, the presence of solar panels increases home values by about £32,459. However, this number is an average and can vary from place to place.
If you’re looking to sell your home, it’s important to note that the value solar panels add to your home is in the long term. Solar panels add value to your home overall when they increase your home’s resale value. When you first buy your home, solar panels might impact your selling value in a negative way.
This is because most homeowners will pay to have the panels removed before selling. They want to sell their home as quickly as possible and removing the panels can take time and money.
Does the Age of the Roof Impact Solar Panel Value?
The age of the roof is one of the biggest factors when it comes to how much solar panels add to the value of a home.
A new roof can cost £6,000 on average, while a new solar panel installation usually costs around $7,000. If you’re looking to sell your home, you’ll want to replace your roof before adding solar panels. Otherwise, you’ll be losing thousands from the initial sale of your property.
If you’re looking to buy a home, you’ll want to keep in mind the state of the roof. If it’s about 10 years old or older, replacing it will increase the value of the house and offset the cost of adding solar panels.
Why don’t solar panels always add value?
There are many factors that can affect solar panels’ ability to add value to a home.
The first and most important factor is whether or not the location you are in allows you to have a grant. This grant will reduce the cost of adding solar panels to your home, meaning they’ll be less expensive and won’t affect your home’s value.
The ECO4 grant supports you in the costs of improving your home.
Find all the solar panels grants available in the UK.
The other major factor that can impact solar panel value is the state of your roof. If your roof is 10 years old or older, it’s a sign that your home may need repairs. Replacing your roof before adding solar panels will completely offset the cost of installation.
Should You Install Solar Panels for Resale Value?
Solar panels are a great investment for the environment, but are they a great investment for homeowners? This is something many homebuyers have been wondering about for years, and there have been various arguments for both sides.
It’s important to note that adding solar panels to increase resale value may cost more in the long term. It all depends on whether you are eligible for a grant or not. Also, sometimes, the cost of installing solar panels in your home won’t be factored into the sale value at all.
The verdict: Do solar panels always add value to a home?
The short answer is yes. Solar panels add value to homes in a variety of ways.
They improve the efficiency of your property, save you money on your energy bills and can even earn you an additional income!
However, there are a few factors that can affect the amount of value they add. Homeowners need to be aware of these factors before adding solar panels to their home in order to maximize their value.