There’s no doubt that solar panels have taken off in a big way in the UK over recent years; in May 2017 a new record was set with electricity generated from solar panels exceeding nuclear power generation for the first time by producing a quarter of all the UK’s electricity .This is no accident, with solar panels continuing to expand at the rate they have done this record will continue to be broken as solar power continues to thrive.
Once considered an accessory for the well off, home solar panels are now a common sight throughout the country. This has been spearheaded by government subsidies and incentives first put in place in 2010 to encourage more homeowners to invest in the technology.
Solar is seen as a key resource for the nations that have signed up to the Paris Climate Agreement and is now receiving major investment as a result. This has seen a rapid improvement in the technology and a reduction in price in a very short space of time. With home solar panels now costing between £3000 and £7000 they are much more readily available; a few years ago a similar setup would have cost up to £15,000. With little to no on-going maintenance costs throughout the solar panels lifespan they are proving to be a worthwhile investment for those that gone ahead with the installation.
Return on investment
With solar panels for your home it pays to go for the biggest that you can both afford and fit on your roof space. For example if you were to install a 4 kW setup it would cost around £4,500 – 7,000 and give you a return of around £70 a year from the governments feed in tariff. Savings on your bills could be as much as £200 a year meaning that overall, the panels will pay for themselves in 12 – 15 years.
Once the installation cost has been paid off everything you save or make is profit. With the current design life of solar panels at approximately 25 years that’s at least 10 years that you will be making money from your solar panels.
Some of the benefits that have seen an increase in solar panel installation include:
- No planning permission is required
- The larger your panels the better your return and the quicker you start making profit
- With energy bills set to continue to increase these savings will likely only get bigger
- A one off set up cost
- No on-going maintenance costs
- By 2020 it is predicted that 10 million homes in the UK will have solar panels installed, today the figure is around 1.5 million so the huge increase in projected growth is clear to see. With the UK currently installing solar panels faster than any other European country they now stand fourth in terms of the total number of solar panel systems installed to date. Despite the weather solar power is now seen as a reliable, cheap and environmentally friendly alternative to fossil fuel production.