If you’re considering installing solar panels on your property, it’s really important to do your research before you go for it. Look up brands and prices, work out a budget and find out what system size you need.
When you’re doing this, you might come across information that suggests solar panels decrease property value. Keep reading to find out how solar panels can add and decrease value, and how it could affect you.
How solar panels can add value
There are several advantages to installing solar panels that can add value to your property. Here are the top 3:
1. Makes energy cheaper
Once you’ve bought and installed them, solar panels generate energy for free. This reduces the amount of electricity that you have to buy from your energy supplier and could cut your bills by up to £240 a year.
2. Improves property EPC
By helping you generate energy more economically, solar panels can improve your property’s Energy Performance Certificate (EPC). This is particularly attractive to potential buyers who might be looking to rent your property out.
3. Generates green energy
Solar power is a renewable energy, that doesn’t add to carbon emissions when it’s being generated. Eco-minded potential buyers will know this and may be motivated to pay more for this feature.
All these advantages mean that a potential buyer might be pursuaded to pay more for your property.
Why solar panels can decrease property value
Unfortunately, not everyone sees solar panels as a benefit. Here are 3 examples of when solar panels can decrease property value.
A potential buyer might be put off by the appearance of solar panels, as they rarely blend in.
2. Extension opportunities
If solar panels need removing to enable an extension to be built, this can be an expensive hassle.
3. Maintenance costs
Solar panels need very little maintenance, but not everyone knows that. They can also make maintaining your roof more difficult and expensive.
So should I get solar panels for my property?
Essentially, how solar panels affect the value of your home is all down to the opinion of the buyer.
To the potential buyer who wants to build an extension, the presence of solar panels might decrease property value. But a person who’s keen on generating their own green energy might be willing to pay considerably more for your home.
This means that, ultimately, your property value is unlikely to be significantly affected by installing solar panels.
If you’re considering investing in solar panels, it’s not a great idea if you’re expecting to sell your house soon. This is because you won’t have started making a return on your investment before you sell it.
However, if you don’t have any intention of leaving your property, go for the more efficient panels on the market. It may take you a while to start making savings, but they’ll be a great money saver in the long run.
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