With the rising cost of energy, it is understandable that many people are thinking about investing in solar panels right now. So, is this a good investment? It is a lot of money to invest upfront and there are a few important considerations when deciding whether or not to go solar. Keep reading for all that you need to know.
First, it is helpful to be aware of a few key considerations. Location is an important factor, but perhaps not as big of a factor as many think. Living in the UK is not an issue despite the lack of sunshine, but where you live can impact how long it will take for the solar panels to pay for themselves (the southern areas tend to get more sunshine). You also need to think about how much energy you consume – if you have a full household, you might find that solar panels will not eliminate your electricity bill but they can help you to make huge savings.
The Financial Benefits
You will find that there are a few financial benefits to investing in solar panels ensuring that they are a smart investment. By generating your own electricity from the sun, you can slash and sometimes even eliminate your energy bill. This will also protect you from future energy price rises, which is a major cause for concern for people right now. In addition to this, unused electricity that you generate can be sold back to the grid under the Smart Export Guarantee (SEG). Solar panels can also add a significant amount of value to your home as they are such a desirable feature at a time when people are looking to save money on energy and reduce their environmental impact.
Of course, there is the cost of solar panel installation to consider. While the cost can be high, you will find that costs have come down around 88% in the last 10 years and will continue to do so with this becoming such a popular option. The average savings are £522 per year, so once the panels have paid for themselves, you can then make significant savings. The solar break-even point will differ based on various factors, but the average time in the UK is 10.4 years with many systems lasting beyond 25 years.
Investing in solar panels is a big decision, but it is usually a smart financial investment that can help homeowners to make big savings while also reducing their environmental impact.