Will solar panels increase the value of my home?
Probably, but there are warnings too!
As the weather gets colder and darker, and the heating and lights stay on longer, there’s one thing I can predict with even more certainty than the Queen’s Speech broadcasting on Christmas Day.
The arrival of my energy bills will make my heart sink.
Is there an alternative to this pain apart from moving to sunnier climes?
Well, one option is installing solar panels on your property. There are two main types of solar panels. Some can save you money by converting the sun’s light into electricity. This can be used to power your home while excess electricity can be sold back to the National Grid.
Others heat your hot water and, yes, save you money on your bills too.
It’s generally estimated that the return on your investment is around 10 to 15 per cent over a ten year period. Plus it’s sustainable energy and that’s good for the environment.
The Energy Saving Trust provides an online solar energy calculator to help you estimate the savings that can be achieved by installing solar panels on your home.
At Hobbs Parker we’re often asked if investing in solar panels influences a property’s value. The answer isn’t clear-cut, it depends on the type and age of the solar panels. One thing I would say is a home with solar panels is a home with an added selling point, as the prospect of reduced energy bills is an attractive one to potential buyers.
We are big fans of solar at Hobbs Parker, there are 727 panels on our building and around 25% of our total energy is now sourced from the sun. Environmentally friendly and free too!
If you think you may sell your property within five years of solar installation then possibly it won’t make financial sense to you in the short term. However, if you see your home as your castle for at least the next ten years or more it should represent money well spent.
If your property is period in style and / or the installation is not designed sensitively then you may find that your house may actually reduce in value. You may be better off locating them on an outbuilding as an alternative.
If you are considering solar, but also thinking that you may be moving in the next few years and wondering if solar panels are a good idea I’d be pleased to drop by one day and let you know what I think.
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