Does renewable energy improve your home’s value?
Your home is an investment, and the time may come when you are ready to sell up and move to a new place. If you want to get the most from the sale and make a good profit on your premises, consider making some energy-efficient renovations. An eco-friendly home is likely to sell for more, as buyers seek to make a wiser long-term investment.
Renewable energy is a big concern these days and many people are looking to reduce their reliance on traditional energy sources. Energy prices are also on the rise, and everybody would like to save money on their bills. As a result, lots of us are looking at solar panels, heat pumps and other natural sources of heating and power.
When you make the choice to switch to renewable energy for some or all of your power and heating needs, there is an initial installation cost to meet. The savings you make come from reduced or non-existent bills each month, which add up over time. Solar panels typically pay for themselves within 10 – 12 years. There is further money to be made too – excess energy can be sold back to the grid for profit.
Properties which already have renewable energy sources fitted are therefore very desirable to buyers. If someone is planning on living in the property they buy, knowing that the energy bills are greatly reduced is a big draw and could seal the deal for you. So just how much value can renewable energy add to a property? The building essentially becomes a cash-generating asset and the new residents are likely to benefit greatly from your energy installation, so you can guarantee that you will get a better price. Typically, a home with solar panels will generate £12,000 in savings and energy profit over 20 years, so it is reasonable to expect a price increase of £10,000 or more. A surveyor will be able to give you a more accurate idea of the exact increase. If you are thinking of selling your property, make sure to highlight the fact that you have solar panels and other renewable energy installations.