How do solar panels affect the value of your house? An assumption made by some is that they might reduce the price of a property due to their appearance. This is, however, far from the truth.
Philip Sellwood, the chief executive of the Energy Savings Trust has suggested that renewable energy devices fitted to a home would be as attractive to potential buyers as a new kitchen or a hardwood floor. This is in light of a survey of 2,700 UK adults conducted by the Energy Savings Trust, finding that a third of all respondents would be willing to pay more for a house that receives a portion of its energy from renewable sources. This is not surprising considering that a house fitted with solar panels will give its occupants free solar energy.
Estimates of how much value solar panels can add to a house vary. Aboutproperty.co.uk puts this figure at around 5% whereas a more recent evaluation by tradeskills.co.uk predicts that solar panels may give homes a 10% value increase. Rather than a percentage estimate, the director of the solar panel price comparison website talksolarpanels.co.uk suggests that on average, home-owners could expect a £10,000 increase to the value of their property.
These figures have been proven and excelled overseas, a report from the National Renewable Energy Laboratory claiming that houses in the USA will sell for 17% more if they are fitted with solar panels and also sell 20% faster. Over 30,000 homes have been fitted with solar panels in the UK so far and most of them in the past year so it will not be long before we have much clearer evidence ourselves as more solar homes go on the market.