Costs and Benefits
Thanks to the Government’s Solar Feed-in Tariff (FIT), UK homeowners can recover the upfront cost of Home Solar Panels and make an additional income. Solar Panels will also allow households to benefit from free daytime electricity and significantly lower energy bills.
The following explains how the benefits of Home Solar Panels outweigh the initial cost:
How much do Home Solar Panels cost?
A Solar PV system will cost from £4,500 depending on system size. Once your system is installed, you will be able to benefit from Feed-in Tariff payments for the energy that your Solar Panels generate. The Feed-in Tariff rate is currently 15.44p for each unit of electricity produced, which is guaranteed for 20 years. Feed in Tariff income is tax free for all domestic owner occupiers.
Based on a 2kWp Home Solar system, the Feed-in Tariff will allow you to recover the upfront cost in around 11 years and provides you with a Return on Investment between 8% and 12%.
The table below shows estimated costs and savings for different sized Home Solar systems and the impressive Return on Investment:
What are the benefits of Home Solar Panels?
Solar Panels represent a secure, risk-free and profitable investment opportunity.
Not only will you make a substantial Return on Investment, with Home Solar Panels you will be able to use the generated energy for free during daylight hours. This could be used to power your household appliances including your dishwasher, tumble dryer and battery chargers.
By generating and using your own green electricity, you will significantly reduce your energy bills while also protecting yourself from future energy price rises.
Home Solar Panels can also add value to your home and improve your green credentials. As
Solar Panels have no carbon footprint, you will make huge C02 savings each year and help to protect the environment. Get Three Quotes from approved Solar Installers in your area.
Why should I invest in Home Solar Panels now?
The cost of Solar technology has fallen in recent years, which has resulted in lower Solar Panel prices. However, the Feed-in Tariff has also been reduced in line with Solar Panel price cuts and increased demand for Solar Panels.
The current Feed-in Tariff rate is 15.44p for new Solar installations under 4kWp. This still gives a Return on Investment of 8% to 12%. Further reductions in the FIT rate of 5% every 3 months are planned from 1st February 2013, unless uptake is low, in which case proposed cuts will be skipped for up to six months.
There is no guarantee that Solar Panel prices will drop further to match future FIT cuts, therefore homeowners are advised to invest in Home Solar Panels now to receive a guaranteed FIT rate of 15.44p for 20 years. Get Three Quotes from approved Solar Installers in your area today.
How can EnergyLink help?
If you want to take advantage of free daytime electricity, lower energy bills, and a profitable Return on Investment, all you need to do is complete our short online form.
EnergyLink can then arrange for you to Get Three Quotes and surveys from MCS accredited Solar
Panel Installers in your area, to ensure you get the best price. The quotes and surveys are completely free and there is no-obligation to proceed with installation.