Are you a homeowner contemplating the possibility of selling your house or renting it out at higher than market prices? Then the best way is to install solar panels in the house. This is a very simple method to increase your home value.
Solar panels have become an increasingly popular choice for homeowners in the UK due to their potential impact on home value. Homes with solar panels usually sell for more money than similar homes without solar panels, according to a study by the Lawrence Berkeley National Laboratory. By harnessing the power of the sun, these panels can generate renewable energy, reducing reliance on traditional power sources and potentially lowering utility bills.
In this blog, we will discuss how solar panels increase home value in the UK.
Understanding the UK’s Renewable Energy Market
The UK has made a mission to achieve net-zero by 2050. For this, the government is using strategies to lower the emissions of greenhouse gasses. And as a part of this effort, the government is giving incentives to people to encourage homeowners to adopt sustainable technologies. For example, the Feed-in Tariff (FiT) scheme, zero VAT on solar panels, and Green Home Grant.
In the Feed-in Tariff scheme, the government provides financial rewards to homeowners who generate renewable energy through solar panels. Under this scheme, homeowners can sell excess energy back to the grid and earn money. This not only helps in offsetting the initial cost of installing solar panels, but it also provides a source of additional income.
And the Green Home Grant scheme offers financial assistance to homeowners so that they can make energy-efficient improvements to their properties.
The UK government announced on April 1, 2022, that there will be no VAT on installing solar panels in homes. This also applies to other energy-efficient materials.
How Do Solar Panels Increase Home Value In The UK?
1. Reduced Energy Costs:
One of the most appealing aspects of solar panels is the potential for substantial energy savings. By generating your own electricity, you can significantly reduce your reliance on the grid and enjoy lower energy bills. This financial advantage will make your property look more appealing to potential buyers who are eager to save on utility costs and lower their carbon footprint.
2. Government Incentives:
The UK government has shown a strong commitment to renewable energy adoption by offering various incentives. The Feed-in Tariff (FiT) scheme, for instance, allows homeowners to earn money by selling excess energy back to the grid. Additionally, the Smart Export Guarantee (SEG) ensures payment for surplus energy exported. These incentives not only provide an extra income stream but also increase the attractiveness of properties equipped with solar panels.
3. Energy Performance Certificate (EPC) Rating:
The UK’s Energy Performance Certificate (EPC) rates a property’s energy efficiency. Solar panels can significantly boost your property’s EPC rating, which makes it more attractive to potential buyers who are keen on energy-efficient homes. A higher EPC rating can positively impact the overall value of your property.
As the world transitions to cleaner energy sources, solar panels offer homeowners a way to future-proof their properties. Homes with solar panels will be more appealing to a wider range of buyers in the future. This is because people are becoming increasingly concerned about the environment and energy efficiency when choosing a property to buy.
5. Long-Term Savings:
Solar panels have a long lifespan and require minimal maintenance. After installation, they can produce electricity for many years, resulting in long-term energy bill savings and maximizing your return on investment.
6. Energy Independence:
Solar panels provide a degree of energy independence by generating power on-site. This can be particularly appealing during times of energy price volatility or disruptions in the grid.
In the pursuit of increasing home value while contributing to a greener future, UK citizens are turning to solar panels as a smart and forward-thinking investment. Now, you have the answer to your question “Do solar panels increase home value in the UK?” so, yes it does increase the home value. The benefits of reduced energy costs, government incentives, enhanced property value, and environmental responsibility make solar panels an attractive proposition. So, for UK homeowners seeking a brighter future for both their properties and the planet, solar panels stand as a beacon of promise. Don’t wait, just hire a professional solar panel installer and give a boost that your home deserves.