How solar panels could increase the value of your home
09 April 2024 | OVO
If you’re thinking about getting solar panels installed, you’re probably wondering about costs. This short guide will take you through the typical costs of solar systems in the UK – and how going solar could increase the value of your home.
How much do solar panels cost?
The cost of solar panels has gone down a lot over the past decade, but they’re still not cheap. While the price of your solar system will vary depending on how many panels you need, and whether you get a storage battery, the average cost of solar panels in the UK is about £7,000. This includes your panels, inverter, scaffolding, and installation costs. If you add a battery to this system too, the average cost increases by roughly £4,500 – making the total cost of your system £11,500.
This seems like a big jump in price, but adding a battery can help you to significantly boost your savings. It also makes you eligible for our great anytime Smart Export Guarantee (SEG) rate. Which means you can earn 20p per kWh on your unused energy when you sell it back to the grid
How can solar panels increase the value of my home?
Making greener home improvements like solar panels, EV chargers, and heat pumps is becoming more popular in the UK. Recent studies by Rightmove have shown the impact of adding solar panels to your home, with only 6% of respondents disagreeing that it’s worth more to pay for an energy efficient home.
What’s an EPC rating – and how can solar improve it?
Every home has an Energy Performance Certificate (EPC) rating, which tells you how energy efficient your home is. It’s based on how much it costs to heat and light – and what its carbon emissions might be. EPC assessments are done by approved domestic energy assessors, and they’re essential if you’re looking to sell or rent out your home.
Your EPC rating can range from A (very efficient), down to a G (least efficient). Rightmove’s recent report found that improving your EPC from an F to a C can improve the value of your home by up to 15% or an average of almost £56,000. Whilst getting solar panels alone won’t mean an increase that huge, they can play a big role in improving your EPC rating.
There were 190,000 solar system installs in 2023 alone which shows just how popular they are. The potential savings on energy bills means solar panels are becoming more and more attractive for homeowners.
You can get an updated EPC certificate, as well as a Home Health Report full of practical advice for a greener home when you book a home visit from our Energy Experts. And there are exclusive discounts for OVO customers.
How you can save with solar from OVO
If you get solar panels and a battery from OVO, and sign up to our anytime SEG rate of 20p per kWh, you could save up to £1,200 on your annual energy bills1.
For a more accurate picture of how much you could save with solar, and whether they’re right for your home, you can book a free video survey with our solar experts.
Our installers are accredited by MCS, EPVS, Trustmark, and HIES, making sure all of our solar installations are the highest quality.
1 These annual energy savings are dependent on your property type and location, roof type, slope and size. If your roof is shaded or isn't south facing, figures are likely to be lower. We based the figure on the following:
a) You have 12 (430W) solar panels and a 9.5 kWh battery installed
b) You’re home all day with an annual electricity consumption of 2,700 kWh (Ofgem). You currently pay our Standard Variable Rate of 23.33p (correct at 1 April 2024) and will use 42% of what you generate
c) You sign up for our exclusive SEG rate (20p kWh) for customers who purchase solar and a battery from us, and you sell back the remaining 58% of energy generated.
You’ll get a more accurate savings estimation once we’ve surveyed your property.