Solar panels: bright spark idea or a waste of money?

With the eyes of the world on the climate crisis and escalating fuel bills, solar panels are considered to be part of the solution in reducing both the amount of energy we use and the carbon emissions we create.

What are solar panels?

Solar panels, also known as photovoltaic (PV) systems, capture sunlight and convert it into electricity that can power households and businesses. Solar panels are usually fixed onto roofs that are south facing, and that are not affected by shade from trees or other buildings.

As technology has improved and solar panels have grown more popular, installation prices have come down. Installations, however, still tend to cost between £5,000-£10,000, depending on the number of panels you need and the type of panels specified, with the average household installation costing around £8,500.

Although this is a considerable investment, you would see monthly savings on your electricity bills and you could also earn money through the Smart Export Guarantee (SEG), selling the energy you generate, but don’t use, back to the grid.

Could solar panels add value to your home?

Research from Solar Energy UK, a trade body that represents the solar energy sector, suggests that solar panels could add up to 2% to the value of a property, helping to offset the installation cost.

Green homes are also becoming more attractive to buyers. Insurance firm Aviva found 27% of buyers intending to make a property purchase are looking for renewable energy sources, like solar panels, while two thirds would consider buying an eco-property or sustainably built home.

Consider all aspects before you invest

It’s important to weigh up the pros and cons of a big investment, such as solar panels, before taking the plunge – especially if you’re thinking of selling your home in the near future. Make sure you consider aspects such as:

• Whether you can afford to pay for the installation using savings or if you need to borrow the money.
• Whether your home is suitable for solar panels, taking into account its orientation, whether the roof is shaded in the middle of the day and how much roof space you have.
• How much you could save each month on your fuel bills and the revenue you could earn from the Smart Export Guarantee. This could be attractive information to share with potential buyers.
• How much value solar panels could add to your home compared to the cost. Contact Move Places as we can give you accurate valuation advice.

If you decide to go ahead and install solar panels, make sure you get three quotes from registered installers. The installer should meet the standards of the Microgeneration Certification Scheme, and be a member of the Renewable Energy Consumer Code.

Let Move Places advise you

Move Places can provide a free up-to-date valuation on your property now, before any solar panel installation, and give you advice on whether solar panels would add value or help your sales prospects.