Do heat pumps help increase the value of your property?
A government study in June 2013 found that improving your home’s EPC (Energy Performance Certificate) from band G to E, or from D to B, could increase its value by more than £16,000. The report indicated that the energy efficiency of a property very much influences the sale price of homes in England. When installing a heat pump it’s also necessary to meet certain requirements in terms of environmentally-friendly measures, such as 270mm of loft insulation, cavity wall insulation and double glazing. Adding these measures alongside your new heat pump system will improve your home’s EPC band.
Energy and Climate Change Minister Greg Barker said in the press release accompanying the report: “We have long known the benefits of making energy saving improvements to the home, but this study is real evidence of the huge potential rewards. Not only can energy efficient improvements help protect you against rising energy prices, but they can also add real value to your property.”
Estate agents are in agreement. James Brooks from Brooks Estate Agents has said that as buyers become more conscious about how energy efficient their properties are they are willing to invest in a property that will cost them less in the long run. Ed Mead from Douglas & Gordon estate agency told This is Money that “green measures are starting to have an effect, especially if buyers are torn between two similar houses.”
The Renewable Energy Hub suggests that if you have a heat pump installed in your property and you’re looking to sell, you should ensure that your estate agent understands the benefits of your renewable heating system so that they can sell it to the prospective buyer in the best possible light.
Heat pumps should be considered as a long term investment. Alongside other green measures they can reduce your energy bills and may be seen as a positive when selling your home. Read our page why should I consider a heat pump for more benefits of heat pump systems.