New data from theecoexperts.co.uk has revealed that 69% of the UK would purchase a home with solar panels. This is up from 65% the previous year, signifying the rising popularity of domestic solar panels.
The ongoing energy crisis over the last 12 months has led to a shortened break-even point for solar panels, now on average taking just 12.9 years to pay for themselves. Domestic solar panels can save you on average £608 a year on your electricity bills. Therefore, making solar panels a much more affordable option for homeowners who will now have the added comfort of knowing it could also add to their curb appeal.
According to the survey, Gen Z and Millennials are especially enthusiastic, with 74% of these groups saying they’d be likely or very likely to buy a property with solar panels.
This hike in willingness to purchase solar panelled properties could also be due to concerns surrounding climate change. With rising concern, the number of people investing in renewable energy has also risen. The market size of the UK solar panel installation industry has grown by an average of 18.3% per year between 2018 and 2023. This trend has been encouraged by the cost of solar panels falling by about 80% in the past decade.
Not only do solar panels reduce energy bills, they can also increase the value of your property. Installing solar panels on your property can increase its value by around 4.1%, which can equate to tens of thousands of pounds. No doubt this has also influenced the increasingly positive attitude toward solar panels.
Tom Gill, Writer from theecoexperts.co.uk commented:
“Buying or renting a home with solar panels makes perfect sense in the current climate, with the high cost of electricity and the extreme effects of climate change becoming more obvious each year. Solar panels cut a typical three-bedroom home’s energy bills by 62%, which is huge considering the price of electricity is unlikely to fall any time soon. With global disruption to energy prices caused by Russia’s war against Ukraine, and the post-pandemic increase of demand for energy, solar panels provide genuine energy security that doesn’t rely on fossil fuels.”