Will solar panels add value to my home?

Solar PV (or solar photovoltaics) is the generation of electricity using energy from the sun. Modern solar panels produce electricity from daylight – they don’t need it to be bright and sunny to work, which is handy in our climate, particularly in this part of the UK. Solar PV panels are normally mounted on the roof of your property. A device called an inverter changes the DC electricity produced by the panels into ‘usable’ electricity that can then be used to power appliances in your home and can even be fed back into the National Grid.

With the current fuel crisis, and domestic fuel prices rising fast (with no end in sight) many people are asking if they should invest in solar power in their homes. 

Solar panels can not only cover the electricity you use in your home, saving you money immediately, but you could even receive a payment for any excess energy you generate.

At this time, with the average price of energy for the home so high, the return on investment is a lot better than in previous years, but, of course, you need to look at the upfront cost of installing solar panels. With the average cost of solar panels at the moment being £6,500, and by calculating any likely savings you will make in your monthly usage, plus taking into consideration potential payments you will receive for electricity you’re putting back into the National Grid, the average payback time at the moment is around 11 years.

We also should look at whether adding solar panels will add value to your home. The short answer is that while you might not be able to add a premium to the value of your home because you have solar panels, they will certainly add a considerable degree of attractiveness. All other things between your house and the same type of property along the road being equal, then yes, there is an argument that solar panels can add an uplift in value. 

Solar PV isn’t yet high on homebuyers’ lists of must-haves when house hunting, though we can see that changing quite rapidly over the next couple of years. Having them already in place, however, is always of great interest to potential buyers, who will appreciate the money-saving aspects, and, of course, the fact that they don’t have to have them fitted!

Be prepared for lots of questions, however. Make sure you know your numbers. When were they fitted? What is the warranty period? What volume of electricity do they produce compared to how much you use? Do you put any excess back into the National Grid? 

We would say that if you;re planning on moving home soon, it’s a cost you won’t get back. If you are planning on staying a few years, however, it’s an investment you’re unlikely to regret.

If you want more information on the benefits of solar PV – financial and environmental – we like this site:.moneysavingexpert.com/utilities/free-solar-panels/ Ah Martin, he’s such a lovely chap.

Call the Chorlton & Didsbury team on 0161 882 2233.

Friday 11th November 2022 – Eddie (Picture used Chestnut Avenue, Chorlton).