Will Solar Panels Increase The Value Of My Home?
Solar panels are becoming a more common sight, and are a factor people may consider when buying a house in Leamington Spa. There are reasons to consider installing them for yourself, such as to save costs on energy. However, will they increase the value of your home if you are looking to sell?
Our team of local estate agents have put together their top pros and cons to help you decide if a solar panel system is right for you.
What are the pros of adding solar panels?
The clearest advantage to adding a solar panel system is the energy saving benefit. They can make your home more energy efficient and improve its EPC rating, making it more attractive to potential buyers as this would mean cheaper energy bills. Solar panels also have other uses, such as heating hot tubs, and excess power can be stored in batteries that can be used when it suits you.
Houses for sale in Warwick and the surrounding areas are also good candidates for maximising the potential of solar energy. Many houses in rural Warwickshire have the space necessary for a solar panel system to function at full capacity, due to being less likely to be shaded by other buildings.
Finally, solar panel popularity is on the rise; as of 2020, over a million homes in the UK were powered by solar energy. As solar energy moves closer to being the norm, properties with panels installed will become more desirable.
What are the cons of adding solar panel systems?
Unfortunately, solar panels are not a viable option for every home due to their location. Typically, you need a south-facing roof to get the most out of your panels, so if your property does not have this there would be little value added by installing them.
Furthermore, despite the potential savings, some buyers may not find solar panels aesthetically pleasing. Particularly if you own a property with period features, it’s important to be mindful that the overall look of the building can be more important to some people. Additionally, they can be seen as unwanted extra work – cleaning, inspections and potential repairs could put people off and decrease your house saleability.
Finally, it can take a long time to earn the investment back, meaning solar panels are not ideal if you’re selling your property in the near future. On average, solar panel installation can cost between £6,000-£7,000 for a typical sized property, so in order to make any profit you would first need to save enough money to balance this cost. You can calculate your approximate feed-in costs using this solar panel calculator from Solar Guide.
Should I Install Solar Panels?
Overall, solar panels can be a good investment if you are expect to sell eventually but will still be living in the property long term. However, installing a solar panel system to increase your property’s value to sell in the short term is unlikely to add enough value to offset the cost of installation.
Find Out More
Need some advice on selling your property? Our team of Warwick and Leamington estate agents are on hand to help – give us a call on 01926 832411, drop us an email via our contact form, or get in touch using our Live Chat.