The Energy Savings Trust has released a report that the installation of solar panels on residential properties would significantly increase the price that house buyers would be willing to pay for those properties. With the government’s announcement that the clean energy cash back scheme will be introduced in April 2010, a great deal of interest has been stirred in the viability of solar power and will undoubtedly see an increase in the uptake of photovoltaic (PV) equipment .
The clean energy cash back scheme, essentially a feed-in tariff will offer homeowners with solar kits premium rates for surplus energy which they feed back in to the national grid. The legislation will oblige the energy companies to purchase the renewable energy units at inflated prices, the costs of which will be spread across the consumers.
The survey found that out of a total of 2,700 people who were questioned, over half answered that they would be interested in looking into whether solar panels would be suitable for their homes. Similarly, a third responded that they would be willing to pay more for a house with a solar installation. These findings would suggest that despite the initial costs of installing solar panels, the cash back scheme along with the fact that they will add value to your property will go to add financial viability to a renewable energy option which, in the past has been considered too expensive to consider.
Regarding the findings, Chief Executive of the Energy Savings Trust, Philip Sellwood stated,
“It seems Britons are willing to pay more for a home with a renewable energy source so investing in a solar panel or a wind turbine could add to the resale value of a property and be as attractive to house hunters as a new kitchen or solid wood floors”.
While high costs still remain a barrier to renewable installations, the government legislation which will be implemented in 6 months will enable homeowners to cash in on their investments in the long term.