Are you ready to sell your current home but unsure what will happen to your solar panels? Are you concerned about their effect on your home value? Read on if you’d like to see how you can sell a property with solar panels and how to tackle any potential issues.
Solar panels increase property value
Solar panels are a fantastic asset to any home. This is often because it helps the environment, but they come with the added bonus of payments from the “Feed-in Tariff”. This is a payment sent to households that generate their own electricity through solar panels and other energy saving methods.
Here are some reasons why solar panels increase your home’s value
The Feed in Tariff (FIT) is paid for 20-25 years, depending on the date of the instalment. This means that if you sell your property after “paying them off” and receive some interest from the solar panels, they may still have many more years of FIT payments to come. This can be quite appealing to potential buyers.
Solar panels can do wonders to reduce the cost of energy bills, a great bonus for whoever buys your property. It is an eco-friendly method of creating energy for the home that doesn’t rely on the scarce natural resources left on the planet. In most cases, having solar panels can increase the energy performance by 2 grades.
When is the Best Time for Selling a House with Solar Panels?
The best time for you to sell your property would likely be after you have reaped the benefits that your solar panels have to offer. This is mostly the FIT payments and low energy bills. If you have bought your solar panels instead of having them installed for free by various companies, then it can take up to 8 years to break even with your investment. So, once you’ve received the benefits, the next homeowners can do the same thing! Solar panels also usually come with a 20-year warranty, which will also be appealing to potential buyers.
Selling a home with Solar Panels that you bought
If you own the solar panels on the roof of your property, the selling process is simpler. This is due to you not being tied down to any contracts that must be passed onto the potential new owners. However, you must decide whether you want to take your solar panels with you or sell them with the property. It can cost anywhere between £2,500 and £7,000 to have them removed and reinstalled. You will also need to check if you have the right permissions to fix them onto a new roof. If you choose to leave them with the property, the selling process should be simple.
Selling a house with solar panels that were installed for free
This is a more complicated situation. As the solar panels were installed for free, the solar panel company will own the roof of the property. This can be off-putting to some buyers. So, you can either buy off the lease from the solar company before selling, or you can transfer the lease over to the new buyers if they are happy to do so.
- Check all documentation and information from when the solar panels were installed that you may need to pass onto the buyer.
- Check the quality of the solar panels before putting the property on the market.
- If you are receiving FIT payments, gather proof of your monthly savings.
- Find the right estate agents to bring you the best buyers.
Please note: If you installed your solar panels after 31st March 2019, you will not receive FIT payments. This may mean a drop in selling points to potential buyers.
Sell your home with Joules Estate Agents
Whether you have solar panels or not, if you’re based in the Heaton’s and are ready to sell, you will need the right estate agents for the job. Get in touch with Joules Estate Agents today to see how we can help.