The UK’s largest retailer and installer of solar panels has undertaken research revealing that investment in the energy systems boosts the value of homes by an average of 14%.
As a major supplier to the solar industry for over a decade, Project Solar UK is well placed to capture an overview of the marketplace. Having analysed data from its order book from the past ten years, the company’s data scientists 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.
According to Government studies improving the EPC (Energy Performance Certificate) rating, homeowners can add as much as 14% to the value of homes. Renewable energy sources, such as solar, are one of the ways to improve EPC to power homes.
The data analysts at Project Solar UK looked at existing research and data alongside their own sales records from the past decade and calculated value increases based on five famous homes in a fun exercise to show the public the benefits of considering going solar.
Simon Peat, CEO of Project Solar says, “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.”