Solar panels are becoming increasingly popular in the United Kingdom as people look to reduce their carbon footprint and save money on their energy bills. But just how much can you save with solar panels? In this article, we will explore the potential savings that can be made by installing solar panels in the UK.
The cost of solar panels
The cost of solar panels has reduced significantly in recent years, making them a more affordable option for homeowners. The average cost of a 4kWp solar panel system, which is the most common size for a residential property, is around £6,000 to £8,000. However, this cost can vary depending on the type and quality of the solar panels, as well as the size and complexity of the installation.
The savings on your energy bills
The primary benefit of installing solar panels is the savings that can be made on your energy bills. With a 4kWp solar panel system, you can expect to save around £200 to £300 per year on your energy bills. However, this figure can vary depending on a number of factors, such as the size of your property, your energy consumption habits, and the amount of sunlight your panels receive.
It is important to note that the amount of energy generated by your solar panels will depend on the amount of sunlight they receive. In the UK, the amount of sunlight varies depending on the time of year and the weather conditions. Therefore, your savings will be higher during the summer months when there is more sunlight, and lower during the winter months.
The government’s Feed-in Tariff scheme
In addition to the savings on your energy bills, you may also be eligible for payments through the government’s Feed-in Tariff (FIT) scheme. This scheme pays homeowners for the energy that they generate through their solar panels, even if they use this energy themselves.
The FIT scheme pays homeowners a set rate for every unit of electricity that is generated by their solar panels. This rate is currently 3.85p per kWh for domestic installations. In addition to this, homeowners can also receive an export tariff for any excess energy that is exported back to the grid. This rate is currently set at 5.38p per kWh.
The FIT scheme is designed to encourage homeowners to invest in renewable energy, and it can provide a significant financial incentive for those who install solar panels. However, it is important to note that the FIT scheme is due to end in March 2019, so homeowners should act quickly if they want to take advantage of this opportunity.
The payback period
The payback period is the amount of time it takes for the savings and income from your solar panels to cover the cost of the installation. The payback period will depend on a number of factors, such as the cost of the installation, the savings on your energy bills, and the income from the FIT scheme.
On average, a 4kWp solar panel system will have a payback period of around 10 years. However, this can vary depending on the factors mentioned above. It is also worth noting that the savings and income from your solar panels will continue long after the payback period has ended, providing you with ongoing financial benefits.
Conclusion
In conclusion, the savings that can be made with solar panels will depend on a number of factors, such as the size and quality of the installation, the amount of sunlight your panels receive, and the income from the FIT scheme. However, on average, homeowners can expect to save around £200 to £300 per year on their energy bills, and they may also be eligible for payments through the government’s FIT scheme.
With the cost of solar panels reducing and the financial incentives available, investing in solar panels can be a smart financial decision for UK homeowners. Not only can it provide significant energy savings, but it can also help to reduce your carbon footprint and make a positive impact on the environment.
Leave a Reply