How installing solar panels can boost value of your home in Sheffield by tens of thousands of pounds
Investment in energy systems which use solar panels can boost the value of homes by an average of 14%, research reveals.
Installing solar energy systems can lead to profits of around £14,000 when added to a property worth £100,000 and £70,000 when added to a £500,000 property.
The profit comes from saving on energy bills – particularly as these have increased by £32 per month on average during lockdown – as well as the ability to sell surplus electricity generation back to the grid.
Project Solar UK’s research analysed data from its order book from the past 10 years to uncover the amount of profit that can be made.
It backs government studies which show improving the Energy Performance Certificate rating means homeowners can add as much as 14% to the value of homes. Renewable energy sources, such as solar, are one of the ways to improve EPC to power homes.
Simon Peat, CEO of Project Solar, says: “With energy prices fluctuating and the onset of winter where we traditionally all use more energy in the home, we thought it was a good point in time to look at how installing solar panels can help financially.”
The company, which has been a major supplier to the solar industry for over a decade, took famous properties and worked out what solar energy might add to the value. Buckingham Palace was valued at £935,000,000 but with solar energy went to £1,065,000,000. Coronation Street pub Rovers Return started at £323,748 but with a solar system moved to £369,072.
Mr Peat added: "We reviewed our 10 years of orders and assessed other research in the public domain to create our table of famous houses and calculate how much profit they could make by adding solar panels.
"There is a serious side to this exercise in that we want people to consider renewable energy sources and not rely on fossil fuels. By looking up at the roofs of some of the UK’s favourite homes we hope to bring a focus to how the sunshine can be used as a natural energy source that can help add value to homes.”