There’s been a sharp increase in solar power panels this year which might be a result of an incentive from the government back in February. You can actually apply to get money from your energy supplier if you generate your own electricity by using a solar panel, which the government refers to as the ‘feed-in tariff’ or FIT payments.
How does this system work? Your electricity is measured in kilowatts per hour (kWh) and you’ll then get a tariff for generating power or ‘generation tariff’. You can read in more detail here.
As a home buyer or home owner, you want to seriously consider this government incentive and look ahead into a cleaner energy future for your property. The advantages of using solar panels are that they reduce air pollution because they produce no greenhouse gasses, thus making a healthier contribution to climate change. Of course, there’s also the advantage of producing your own electricity, thus reducing your electric bill considerably.
So how do you go about buying solar panels for your home? Well, you can read our first article written back in 2014 when solar panels didn’t seem to have a bright future, but things have changed considerably, so you want to at least know about the government incentive, and that there are two ways of getting solar panels: 1) Upfront – you own and can remove them; 2) Lease – a provider owns them.
The question is: as a home owner, would your property reduce or increase in value, once you install a solar panel? It all depends on whether you lease it or install it and how you install it. Also, it depends of course in who’s buying the property. If the buyer has no interest in the solar panel system, then they will either go elsewhere or ask you to take the system away with you and not include it in the price of the property. In the past we could guide ourselves by what was trending, but now things have changed and will continue to develop, which is why also in February of this year, the government changed their solar panels incentive. The wise course of action would be to get an initial free consultation by contacting one of our solicitors with expertise in the property field, who will advise on the best option for you. By Sandra Garcao
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