Report finds solar energy can save nearly third off bills

A new report launched by Solar Energy UK found that installing solar systems can increase house values by nearly £2,000, while saving nearly a third on the average annual energy bill.

The research also found nearly half of homeowners would consider installing solar panels to their homes if green finance was available.

A survey commissioned by Solar Energy UK to coincide with the report found solar panels are now the third biggest home improvement priority, after kitchens/bathrooms and windows, with more than half of young homeowners prioritising solar panel installation highest.

Nearly half of homeowners stated that if a new consumer finance product, such as a green mortgage, meant they could install a solar energy system without any upfront payment, they would likely install one, increasing to nearly three-quarters for high socio-economic groups.

Chris Hewett, CEO of Solar Energy UK, said: ‘The UK stands on the brink of a home energy revolution. The Value of Solar Property makes clear that there is a powerful investment case for residential solar. Solar Energy UK calls on the property finance and lending industries to recognise this. Bringing new green finance products to the market – and recognising the value of solar homes – will help unlock millions of affordable energy projects for homeowners and occupiers around the country.

‘Taking swift action on this will help the UK move towards net zero a way that is good for consumers, good for the climate, and good for the UK’s solar power industry, which is ready and willing to deliver. The findings of the ground-breaking research carried out for this report – including statistical analysis of more than five million property transactions – are clear. The return on investment makes upgrading a home with solar power system an easy and simple way to lower a property’s running costs and increase its value, while also, crucially, reducing its environmental impact.’

In related news, low-income homeowners and private renters in Nottingham can apply to the City Council to have solar panels fitted for free, as part of a strategy to reduce energy bills and carbon emissions.

Photo by Jeremy Bezanger