Solar systems can increase the selling price of a house by around £ 1,800, according to a new report from the Solar Energy UK trading organization which calls on mortgage providers to better consider the financial benefits associated with installations solar.
The value of solar property The report, released today, explores the financial value of installing solar power systems and predicts that the financial benefits from solar installations are likely to increase as the UK increases the use of heating in homes and switching to electric vehicles (EVs).
The report found that installing a solar system could cut the average energy bills of a typical UK home by a third and save £ 330 in annual running costs over its lifetime, while the £ 1,800 increase in market value covers almost half of the initial installation cost.
Solar Energy UK said the growing financial benefits of solar systems are expected to increase demand for solar installations in homes. Financial savings are also expected to increase in response to the drastic rise in gas prices in recent weeks.
“The UK is on the brink of a home energy revolution,” said Chris Hewett, CEO of Solar Energy UK. “The value of solar property clearly indicates that there is a strong investment case for residential solar. Solar Energy UK calls on the real estate finance and lending industries to recognize this. Bringing new green finance products to market – and recognizing the value of solar homes – will help unlock millions of affordable energy projects for homeowners and occupants across the country. “
Hewett said the report also contained a compelling message for owners. “The results of the groundbreaking research conducted for this report – including statistical analysis of over five million real estate transactions – are clear,” he said. “Return on Investment makes retrofitting a home with a solar power system an easy and straightforward way to lower a property’s running costs and increase its value, while crucially reducing its environmental impact.
The report recommends that financial institutions develop consumer credit and green mortgage products that reward investments in solar properties. In a survey conducted by the group alongside its report, Solar Energy UK found that 46% of homeowners surveyed would install a solar power system if there was a consumer credit product that covered up-front payments for the installation. .
The survey also found that solar panels are the third highest home improvement priority for homeowners, after kitchen or bathroom renovations and window upgrades.
Solar Energy UK has called on the government to create a level playing field for solar energy, encourage the development of new consumer finance initiatives and develop green retrofit programs to help unlock considerable pent-up demand for solar energy. solar installations that can simultaneously create green jobs, lower energy bills, improve energy security and reduce emissions.