Due to the hike in the electricity tariff, many British homeowners and residents are looking for new ways to save energy bills. One way currently explored is the use of solar panels in generating energy from daylight.
Solar panels convert natural light into electricity; they are eco-friendly and caters to a broad audience. However, due to the initial cost of investing in solar panels, which could be high, many British people still doubt and ask whether solar panels are worth it? Read on to find out whether solar panels could be a good investment for you.
On average, solar panels cost between £3,995 and £14,500. However, many factors determine how much you would spend on solar panel installation in your home. These factors include your home electricity need, solar PV system size, and financial incentive scheme.
For instance, an average home using a 4KW solar panel system can spend at least £6,000 buying and installing solar panels. With this, the homeowner gets to save up to £300 on electricity bills annually—this is a considerable sum for an average homeowner.
According to the British Government's projections, solar power is expected to become the 2nd cheapest form of electricity in the UK within the next few years. So, Investing in solar panels is worth it; apart from the monetary benefits, there are other benefits of investing in solar panels that we cover below.
Research has shown that homes equipped with solar panels are likely to be sold 17% high than those without and 20 times faster. The value of your property increases in proportion to the number of solar panels installed.
While there is no doubt that the initial cost of a solar panel is usually not cheap, the up-front cost of solar panels has fallen by over 30% since 2014. Investing in solar saves you hundreds of pounds per year and reduces a lot of stress and time spent on paying utility bills. Most importantly, these installations are a one-off thing that pays dividends for a long time. Switching to solar is genuinely one of the best investment decisions you could make at this time.
Solar panels produce clean, eco-friendly energy, unlike fossil fuel that causes air pollution. Solar panels also counter global warming, which has become a threat to the earth.
Solar panels require low maintenance. They are made of durable materials capable of withstanding harsh temperatures. All you need is to spray the panel at least once in 10 years and watch them produce energy like they just got installed.
As part of its desire to encourage transitioning to solar panels, the British Government previously rewarded solar energy users through the Feed-In Tariff (FIT) program. This program allows power companies to pay you for solar energy generation and export tariffs. It is possible to earn up to 4p per kWh for energy generated and 5.38p per kWh for the excess energy given back to the grid. However, this program came to an end in 2019. At the moment, the British Government uses the Smart Export Guarantee, which doesn't regulate rates. It allows energy companies to determine how much to be paid to you and offers tariffs for exported energy only.
With installation costs and energy bills both falling, it's a great time to switch to solar panels.Are you interested in making a switch to solar panels? Get in touch today and take advantage of the limited offer provided by Nationwide Renewables. When you buy 5 solar panels from us, you have 3 FREE panels; that's an extra 60% output for FREE; isn't that amazing. This is a lifetime opportunity. I bet you don't want to miss this. Apply below before the offer ends!