Do Solar Panels Increase Home Value?
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Solar panels are not just a smart investment for cutting energy costs—they can also significantly boost your home’s value. With rising energy costs and increasing awareness of the need for sustainable solutions, buyers often seek properties that already include renewable energy features.
But how much do solar panels, also called photovoltaics or PVs, actually add to a property’s value, and what factors influence this? This article will examine the financial and practical benefits of photovoltaics, why they appeal to buyers, and potential drawbacks to consider.
Do Solar Panels Add Value to Your Home?
Yes, they will add value to your home! There is no agreement precisely on how much it increases home values since this varies entirely with the location, market, the local cost of electricity, and other factors.
Still, in general, adding a photovoltaic array to a home typically adds between 4 and 14% to that house’s value. Additionally, research by Admiral Money suggests that 76% of buyers are more likely to buy houses with energy-saving measures like photovoltaics and may pay up to 25% more for those homes, depending on location and other factors.
Why Do Solar Panels Increase the Value of a Home?
With the rising cost of electricity in the UK, the looming threat of climate change, and the current shift to more sustainable lifestyles, more and more people are turning to home solar systems.
They are an excellent way to counteract those high energy prices, reduce our environmental footprint, and take comfort in knowing that we are doing what we can to live more sustainably.
When a home buyer sees a house that has already invested in solar energy, that is one more thing they don’t have to worry about installing themselves when they move in. This can be extremely appealing to the right buyer.
The Benefits of Installing Solar Panels
Installing photovoltaics has a wide range of benefits for those using them, including increasing the value of your home and its saleability should you decide to sell.
- Selling feature: having panels on your property can help set it apart from other homes on the market that do not. These modern selling features could give your home that extra boost it needs for a quick sale at a higher price compared to homes that do not have them. The return on investment that potential buyers will see can be very attractive, knowing that they will pay less for electricity in that house, which could potentially drive up the price of your home when you decide to sell it.
- Cheaper energy: With electricity costs in the UK, it's no wonder so many people are turning to photovoltaics. After the solar payback period, when the savings on your power bills pay for the cost of the panels and their installation, your energy will be free for at least 20 more years. When you pair your photovoltaic array with the new EcoFlow PowerHeat air-to-water heat pump system, you can even lower the heating bills for homes that still rely on fossil fuels to generate heat for cheaper energy all around! That is extremely attractive to homeowners and those looking to buy a house.
- Energy independence: Having your own power source means you are not at the whims of your energy company for how much your power costs because they significantly reduce or even eliminate your electrical bills. When you install a solar battery storage system like the EcoFlow PowerOcean (Single-Phase) with your PV array, your home will have the option of complete energy independence since it will store the energy it produces when the sun shines. That way, you have power at night or during winter storms when your PVs may not generate any power. The energy independence a PV array combined with a battery storage system offers also protects your home and family in the inevitable event of a power outage. Then you can keep your refrigerator and freezers running, run electric heat or air conditioners or keep essential medical equipment running to keep your entire family safe. If the house already has PV panels, you can easily do a home battery retrofit and connect it to your current system with the EcoFlow PowerOcean DC Fit for seamless integration without altering or removing anything in your current system.
The Potential Drawbacks of Installing Solar Panels
While there are far more benefits than drawbacks, it's always important to consider both sides of a decision like this. Here are some potential drawbacks when considering a PV installation for a house you may want to sell soon.
- Not everyone will understand the benefits. This means that if you try to charge more for your home because it has PV panels, not every potential buyer will agree with the higher price if they don’t understand the benefits of photovoltaics. You could explain to them the significant benefits of this system. For instance, show them some before and after electricity bills for comparison so they know how much money they will save. Otherwise, let them pass by and offer it to someone who understands all the benefits and is willing to pay extra.
- Technology is always evolving, and photovoltaics are no exception. There is a small chance that after you install them, their technology could become obsolete soon. Still, do your research and install the high-quality products available today, and they will still carry plenty of value for many years to come. Furthermore, even if there are technological breakthroughs, they take time to become widely available.
- Aesthetic appeal is very important to some people. While most of us think photovoltaics look sleek, modern, and visually appealing when installed, not everyone will agree. However, just like dealing with those who don’t understand the benefits, if your potential buyer complains and wants to offer you a lower price, wait for the right person who wants to offer you more instead.
Frequently Asked Questions
- Do Solar Panels Add Value to Property?The short answer is yes, absolutely! On average, they can increase a home’s value by between 4 and 14%. However, the amount it adds to your home depends on the house, location, and the market. Still, homes with photovoltaic panels generally sell for more than equivalent homes in the same area without them.
Final Thoughts
Installing solar panels is a wise investment, offering long-term energy savings, sustainability, and increased property value. While not every buyer may recognise their benefits, those who do will see the potential for reduced energy costs and environmental impact. Pairing a solar system with EcoFlow’s advanced battery solutions, like the EcoFlow PowerOcean, maximises efficiency and appeal.
The energy independence they offer, allowing homes to go off-grid or simply protecting their home during power outages, will add to that appeal. Solar panels are a valuable addition to any property, whether for personal use or increasing your home’s marketability.
