Stockport-based retailer and installer of solar panels, Project Solar UK, has found that investment into energy systems can increase the value of a property by an average of 14%.
Having analysed data from its order book from the past ten years, the data scientists from the Houldsworth Mill-based firm have uncovered the amount of profit that can be made by homeowners installing solar energy systems which is realised when they then sell on their homes.
The equity gains, according to the research, average out at around £14,000 added to a £100,000 property and £70,000 added to a £500,000 property. The value is created in the ability to save 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.
Homeowners in different parts of the UK however will see their investment bring greater gains in some areas than in others. Research from effectivehome.co.uk on solar panels’ effects on property values found the addition of photovoltaics to a London home could see the sale price jump £90,000.
Simon Peat, CEO of Project Solar said,
“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. We reviewed our ten 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.”