Selling solar – Over half of Brits would prefer a home with solar panels
- However, over two thirds (67 per cent) of homeowners have no plans to invest in solar panels, with installation costs the main factor, despite potential savings of £480 a year
- Solar panels are not included in the standard property fixtures and fittings list with nearly half (44 per cent) believing that they are
- A quarter (25 per cent) of homeowners would take solar panels with them when moving
Over half of all Brits (58 per cent) believe that solar panels would make a property more attractive to buy, according to new research from Direct Line Home Insurance1.
Solar panels costs range between £6,000 - £10,0002 depending on which system is installed. Nearly four out of five households with solar panels (77 per cent) say that they have saved money on their energy bills as a result of installing them, an average of £264 per year, with some reporting savings of more than £480 per year.
However, whilst solar panel costs have seen a sharp decline - 82 per cent between 2010 – 20193 - 67 per cent of homeowners say they have no plans to install them, citing cost, uncertainty over their value and the suitability of their roofs, as the main reasons. For those that are eligible, there are government grants for solar panels available through schemes like the Energy Company Obligation scheme4.
When purchasing a property with solar panels, prospective buyers should double check whether these are included in the sale. Just under half (44 per cent) of Brits expect solar panels to be included in the standard conveyancing list of fixtures and fittings and therefore part of the sale price of the home, however solar panels are not typically included within these lists.
More than half (52 per cent) of homeowners with solar panels would take their panels when moving home, though 25 per cent said they would leave them if the buyer paid extra money for them. It is recommended to clarify with the seller whether solar panels are included to prevent any misunderstandings.
Dan Simson, Head of Direct Line Home Insurance commented:
“The benefits of installing solar panels are clear, from helping homeowners save money on their monthly electricity bills, to decreasing their carbon footprint. However, their price and installation costs remain an obstacle to many. To help overcome this issue, the government has put several schemes in place that provide funding and support to those who want to install solar panels in their home and meet the eligibility criteria.
“Whilst many people would prefer to buy a home with solar panels installed, our research shows that there is still some confusion about whether solar panels are included as standard when buying a home. If prospective buyers want the solar panels to be included as part of the purchase, we recommend they discuss it with their conveyancer who can request that the panels remain as a condition of the sale.”
Notes to editors:
(1) Survey research conducted between 31/03/2023 – 04/04/2023 with a sample of 2,000 adults
Direct Line Group:
Email: [email protected]
Started in 1985, Direct Line became the first UK insurance company to use the telephone as its main channel of communication. It provides motor, home, travel and pet insurance cover direct to customers by phone or on-line.
Direct Line general insurance policies are underwritten by U K Insurance Limited, Registered office: The Wharf, Neville Street, Leeds LS1 4AZ. Registered in England and Wales No 1179980. U K Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Direct Line and UK Insurance limited are both part of Direct Line Insurance Group plc.
Customers can find out more about Direct Line products or get a quote by calling 0345 246 3761 or visiting https://www.directline.com/products/pet-insurance