With fuel prices rising steadily, and increasing concerns about finite energy sources, many homeowners are considering going green. Here, we take a look at the cost implications and benefits of installing solar panels in your home or business.
The cost and profit of solar panels
The cost of solar panel installation has dropped by around 50% in the last decade; in 2010, homeowners paid an average of £12,500 for a 4kWp system (that’s 16 solar panels), whereas today the same costs under £6,000.
A homeowner has the potential to reduce their electricity bills by up to 50% with solar panels. Even better, if you install solar panels, your power provider has to pay YOU a generation tariff known as a Feed-In Tariff (FIT), as well as paying you for any units of electricity that you generate, but don’t use.
Based on an initial outlay of £5,600 (the current average cost of a 4kWp system), FITs income from solar electricity, and your savings on your electricity bills, over a twenty-year period you will gain a total profit of just over £16,000. What’s more, based on these calculations, you will have recouped your initial outlay of £5,600 in fewer than 7 years.
Based on these calculations, if you are planning on living in your house for more than 7 years, solar panel installation is a logical step. And, of course, as prices of fuel continue to rise, so will your profits and savings! However, if saving money is your priority, before you take the leap, find a reliable solar panel calculator to see how much you could save.
While for many people the main benefits of solar panels are financial, the environmental impact of solar energy is equally valid. As well as reducing your carbon footprint, there are a host of other benefits: solar panels will protect you from rising energy prices; they will give you a tax-free income for 20 years; add value to your property, and make it easier to sell.
In addition, solar panels are low maintenance; after initial installation, they will continue to generate electricity for years without any further investment.
Finding a reliable solar panel installer
Finding a solar panel installation company that you can trust is, of course, essential if you are to take advantage of all the benefits of solar panels. It is advisable that you get three quotes from different local solar panel companies and that the trader you choose is registered with the Microgeneration Certification Scheme (MCS) – if they are not registered with the scheme, you will not qualify for FITs.
All of the solar panel installation specialists listed on Trust A Trader have been checked out by us and reviewed by former customers, to help you to find a solar panel installer who will install your panels professionally, allowing you to reap the benefits for many years to come. Why not look for traders near you and see how much you can save?