Solar panels are becoming increasingly popular in the United Kingdom as people look to reduce their carbon footprint and save money on energy bills. But how much money can solar panels actually save you? In this article, we will explore the financial benefits of solar panels in the UK and provide some useful tips for those considering investing in solar energy.
First of all, it’s important to understand the factors that determine the amount of money you can save with solar panels. These include the size and quality of your solar panel system, the amount of sunlight your location receives, and your energy consumption habits. Generally speaking, the larger the system and the more sunlight you receive, the greater the savings.
According to a study by Energy Saving Trust, the average UK household can save around £270 a year on electricity bills by installing a 4 kWp solar panel system. This system typically consists of 16 solar panels and covers an area of around 28 square meters. The savings can vary depending on your location and how much electricity you use, but this figure gives a good indication of what you can expect.
Over the lifetime of a solar panel system (usually around 25 years), the savings can add up to thousands of pounds. The total amount will depend on the cost of electricity and whether you generate more energy than you use, which can be sold back to the grid. This is known as the feed-in tariff, which is a government scheme that pays households for the surplus energy they generate.
The feed-in tariff varies depending on the size of your solar panel system, but the current rate for systems up to 10 kWp is 5.5 pence per kilowatt-hour (kWh) for energy generated and 5.5 pence per kWh for energy exported to the grid. This may not sound like a lot, but it can add up over time. For example, if you generate 3,000 kWh of electricity a year and export 50% of it, you could earn around £165 a year through the feed-in tariff.
Another benefit of solar panels is that they can increase the value of your property. According to a study by the Department for Business, Energy and Industrial Strategy, a solar panel system can add around £2,500 to the value of a typical home. This is because buyers are increasingly looking for energy-efficient homes and are willing to pay more for them.
So, how much does it cost to install a solar panel system in the UK? The cost can vary depending on the size and quality of the system, but a typical 4 kWp system can cost between £6,000 and £8,000. This may seem like a large upfront cost, but it’s important to remember that solar panels have a long lifespan and can pay for themselves over time through the savings on energy bills and the feed-in tariff.
If you’re considering investing in solar energy, there are a few things you should keep in mind. First, it’s important to choose a reputable installer who uses high-quality materials and has experience installing solar panels. You should also consider the orientation and shading of your roof to ensure that you get the maximum amount of sunlight.
It’s also worth noting that the feed-in tariff is due to end in March 2019, so if you want to take advantage of this scheme, you should act fast. However, there are other incentives available, such as the smart export guarantee, which pays households for the surplus energy they generate and export to the grid.
In conclusion, solar panels can save you a significant amount of money on energy bills and increase the value of your property. The amount you can save will depend on a number of factors, but a typical 4 kWp system can save you around £270 a year. If you’re considering investing in solar energy, be sure to choose a reputable installer and take advantage of any available incentives.
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