What’s in it for you
Solar panels will have an immediate
effect on your electricity bills:
With the inevitable rise in the cost of electricity, you can expect the energy bills to have a greater effect on your funds now and in the future. Solar panels are still a great investment in the UK owing to technological improvements, significant reductions in costs and changes in government policies towards the commitment to achieve Net-Zero by 2050. These benefits can be summarised as ‘meeting immediate energy needs with the potential for long-term savings, reduced carbon emissions and increased energy independence.’
Many changes have been seen since the
rise of Solar panels popularity
Efficiency in the performance of solar panels through developments such as PERC (Passivated Emitter Rear Cell) and Bifacial panels mean that more electricity is produced in the same period of time, which means that there is more free power available to the householder; so that they need to buy much less electricity from the Grid, thereby reducing their immediate costs.
In addition, big improvements in battery technology allow householders to maximise their self-consumption to have less reliance on the Grid.
Should you get your solar panels now
or wait until they are less expensive
A question often asked is whether it would make more sense to ‘wait’ until solar panels are less expensive. Some people base this thought on the fact that since 2010, solar panels have fallen in cost quite considerably. However, the figures show that your annual savings from now, would be substantially more than any price reduction you could hope to enjoy in the future.
Using data from a Government Site, predictions show that solar panel costs will decrease by just over 27% by 2030 and by about 45% by 2040; so by the year 2050, your solar panels could be costing you nearly 60% less than they are today.
The only problem with that is that not only is the price of electricity currently high, but according to experts such as the Climate Change Committee, all indicators show that it will continue to increase and that by 2030, it would have increased by about 24%
So for each year that you are not using your solar panels to reduce your reliance on the grid, your cost for electricity will be increasing.
Figures for an average 3-bedroom house show that the loss could be as much as nearly £4,000 by delaying the purchase; that figure does not take the Smart Export Guarantee figure into account.
Do solar panels increase your property’s value?
By all accounts, a solar panel installation could increase the value of your house by up to an average of 14%. Depending on where you live, that could represent between £23,000 to £90,000 increase on the value of your house compared with a neighbour who does not have solar panels. Recent surveys have shown that about 70% of people are sufficiently concerned about energy bill rises that they would prefer to buy or rent a property that had solar panels.
Not only do solar panels save you money, but they can also increase your Energy Performance Certificate rating by a couple of grades, which would help to make it a more desirable buy than a property without panels.
There is also tax free income that can be gained through government incentives.
The UK government is currently advocating the case for solar energy power very heavily with the proposals for homes earning money from any electricity which is exported to the Grid; and there is also the Renewable Heat Incentive (RHI) for Solar Thermal (ST) These incentives are really quite substantial making it worthwhile to get involved.
Playing your part in helping our environment
You can also make your own contribution towards helping the environment and reducing your effect on global warming by using solar energy.
Because solar energy (just like wind energy and other renewable sources of energy) does not produce harmful effects on the environment in the way that fossil fuels do, then you are effectively helping to preserve something for which your children will be thankful.
It is something of which you can be proud
As the owner of a solar energy system, you will be seen by your friends and family as someone who is wise enough to combine your own best interests with those of society as whole. You will feel good in the knowledge that you have made a contribution towards the welfare of our planet.
The Solutions Organisation Ltd (t/a EcoEnergyConsultants) is an Introducer Appointed Representative (Financial Services Register No. 1013051) of Phoenix Financial Consultants Limited (Phoenix). Phoenix is a credit broker, not a lender. Phoenix is authorised and regulated by the Financial Conduct Authority (FRN: 539195), and offers finance from its panel of lenders. All finance subject to status and credit checks.