There are more reasons than ever for homeowners to rethink their energy source as they are affected by ascending household bills and wanting to invest in future-proofing their homes with an installation.
Alongside an increase in house value, the report found that solar could generate annual running cost savings of nearly £330 over the lifespan of the system – nearly a third off the cost of an average energy bill. The value increase of almost £2000 is nearly half of the up-front installation cost, meaning solar now, more than ever, is an appealing option financially, as well as being good for the environment.
These economic benefits are also only likely to increase as the UK adopts electric heating and transport, such as heat pumps and electric vehicles. Solar Energy UK is urging financial service providers to put more green finance products on the market to meet the likely increased future demand.
Communicating the benefits to your customers
With solar third on the list for home improvement priorities (after new kitchen/bathroom – 50% and widows – 36%), and an increase in consumer-concern about the environment, there has never been a better time for installers to communicate the huge benefits of green energy to their customer base.
The report also recommends the property development, finance and construction industries reflect the findings in how they design and build homes. The recommendations are designed to support the UK in maximising solar’s clean, affordable power – a vital measure if the UK is to meet its legally binding target of achieving a net zero economy by 2050.
Unlocking millions of energy projects for homeowners
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 it 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.”
UK faces tight electricity supplies
Chris also commented on the National Grid’s announcement that the UK faces tight electricity supplies because of rising demand and capacity constraints: “The energy market in the UK is at a tipping point because of our reliance on fossil fuels. The best way to ensure we have enough energy to cover our growing demands – especially as winter closes in – is to make sure we’re producing it in the right way.
“This means giving consumers the means to generate their own renewable electricity so they can keep a lid on costs, and not be at the mercy of any supply issues. The importance of this has been highlighted by the crisis our reliance on gas has created this autumn. We know that solar systems in residential properties can reduce bills by up to a third annually (£330) as well as add value to the property itself.”