Solar panels are an increasingly popular way for UK homeowners to reduce their energy bills, while also doing their bit for the environment. But just how much can you save by installing solar panels? In this article, we’ll explore the financial benefits of going solar in the UK.
The cost of solar panels
First, it’s worth noting that the cost of solar panels has fallen dramatically in recent years, making them more accessible to UK homeowners. The cost of a typical 4kW solar panel system has fallen from around £15,000 in 2010 to around £6,000 today.
The government’s Feed-in Tariff (FIT) scheme, which pays homeowners for the electricity they generate from solar panels, has also made solar more financially viable. While the FIT scheme has now closed to new applicants, those who installed solar panels before the scheme’s closure are still eligible for payments.
How much can you save?
So, how much can you save by installing solar panels? The answer will depend on a few factors, including the size of your solar panel system, your energy usage, and your location in the UK.
According to the Energy Saving Trust, a typical 4kW solar panel system could save you around £240 a year on your energy bills, assuming you use around 3,800 kWh of electricity per year. Over the lifetime of the solar panels – typically around 25 years – this could add up to savings of around £6,000.
However, it’s worth noting that these savings will vary depending on your energy usage. If you use more electricity than the average household, you could save more with solar panels. Equally, if you use less electricity, your savings will be lower.
Location is also an important factor when it comes to solar panel savings. The amount of sunlight your panels receive will depend on where you are in the UK, as well as the orientation and angle of your roof. Generally, homes in the south of England receive more sunlight than those in the north, so solar panels may be more financially viable for homeowners in these areas.
In addition to the savings on your energy bills, you may also be eligible for payments under the FIT scheme. Under the scheme, homeowners are paid for every unit of electricity they generate, regardless of whether they use it themselves or export it to the grid. The rate of payment will depend on when you installed your solar panels and the size of your system, but payments can be significant – around 14p per kWh for homes that installed solar panels before April 2019.
Is solar worth it?
So, is solar worth it for UK homeowners? The answer will depend on your individual circumstances. If you have a south-facing roof and use a lot of electricity, you could save a significant amount of money by installing solar panels. Even if you use less electricity, you could still benefit from lower energy bills and payments under the FIT scheme.
There are also environmental benefits to installing solar panels. Solar energy is renewable, meaning it doesn’t produce greenhouse gas emissions like traditional fossil fuels. Installing solar panels can therefore help to reduce your carbon footprint and contribute to the fight against climate change.
However, it’s worth noting that solar panels are a significant upfront investment, and it could take several years to recoup the cost through energy savings and FIT payments. You’ll also need to factor in the cost of maintenance and repairs, which could add to the overall cost of your solar panel system.
Conclusion
Solar panels can offer significant savings for UK homeowners, particularly if you have a south-facing roof and use a lot of electricity. The cost of solar panels has fallen in recent years, making them more accessible, while the FIT scheme has made solar more financially viable. However, the savings you can make will depend on your individual circumstances, including your energy usage and location in the UK. If you’re considering solar panels, it’s worth doing your research and seeking advice from a reputable installer.
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