If you’re thinking about selling your home in the near future, you’ll want to make sure you do everything you can to get the best price for your property. But did you know that going solar could increase its value?
Solar panels are a great way to add value to your home, especially if you are environmentally-conscious. Solar panels work by using sunlight to produce free electricity which can then be used to power the appliances in your home. The process doesn’t emit any harmful carbon dioxide, so investing in panels is a great way to reduce your impact on the environment.
How can solar panels affect the value of my home?
Solar panels are an attractive asset to many potential homebuyers. They are keen to buy a property with panels already installed so they can benefit from lower electricity bills as soon as they move in, as well as benefitting from the Feed-in Tariff without having to go through the process of applying for it.
The Feed-in Tariff scheme
The Feed-in Tariff scheme (FITs) is a government-backed scheme that pays you for each unit of electricity you generate, even if you don’t use it. The scheme started in 2010 and since then the rate per kWh of electricity has dropped significantly, but so has the cost of installing solar panels.
Get your solar panel system installed by an MCS-registered installer and you can benefit from FITs for the next 20 years. If you’re thinking of selling up, this will be an attractive cash-generating asset for prospective buyers.
When should I sell?
If you’re thinking of selling within the next year, installing solar panels is probably not worth it for you. You want to take advantage of some of the benefits of FITs and the lower electricity bills before you move.
But since the Feed-in Tariff payments last for 20 years, you’ll get more money for your property if you sell up when there is still a significant amount of time left for the new owners to receive the income. Buyers will be inclined to pay more for a home with a system that will not only reduce their electricity bills but provide them with a guaranteed income for years to come.
If you’re unsure of exactly how much value solar panels will add to your home and when would be the best time to sell, speak to a property specialist who will be able to give you more advice.