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How Much Money Can Solar Panels Save You?
In addition to lowering energy costs, solar panels also give you the potential to profit from any extra electricity produced. Homeowners are beginning to look to the sky for a solution as their power costs significantly rise. Figures show a 30% increase in the number of solar panels installed from January – August 2022, compared to 61,431 installed in the whole of 2021.
So how much could solar panels really save you and are they worth the investment?
Why Should You Consider Solar Panel Installation?
After the energy price cap was raised for about 24 million homes in England, Scotland, and Wales, regulator Ofgem said that energy prices for British consumers would climb by 80% by October. This will cause the typical household’s monthly bill to soar from £1,971 to £3,549.
Additionally, a recent study from Solar Energy UK concluded that solar panel installation might boost a home’s value by up to £2,722.
So, if your energy bills aren’t currently a financial issue for you, perhaps you should consider the potential value your house could hold if put on the market with solar panels already installed.
How Much Money Can Solar Panels Save You?
A 4kW system will be sufficient for the average home, which should generate about 3,500kWh (kilowatt hours). If a kWh costs 34p per unit, then the 3,500kWh produced are worth £1,190. In the event that wholesale energy prices increase further, this might decrease even more.
It’s important to note that these figures will vary. Your location, the hours of daylight you receive, and how much electricity you consume will all impact this. Additionally, this will also be dependent on the number of solar panels you have installed and how many kW your system is.
Every house is unique, and every household has a specific set of energy needs. The typical family generating their own electricity using solar panels could save around £450 annually on energy costs. This includes direct savings from not utilising the National Grid’s energy as well as profits from selling any surplus energy back to the grid via the SEG.
What’s Your Next Step?
We know there are a lot of numbers to take in and things to weigh up. Ultimately, if you plan to stay in your home for at least the duration it takes to pay off your panels it is definitely worth it. Either way, annually you will certainly save money. However, if you relocate prior to your profits covering the cost of your instalment, you may want to consider how worthwhile it may be for you and your family, or business. We hope we’ve helped clear up some questions you might’ve had and hope we can help you if choose solar energy going forward. Our expert team will be happy to help you reduce your carbon footprint! For a free survey contact us today.