With Spring nearly upon us, now is the perfect time to install solar panels. Make the most of the longer days and brighter skies by generating your own electricity, reducing your electricity bill and earning an income at the same time!
Generate a return of more than 13%
Earn £400+ per year
Solar panels costs have dropped significantly during the past few years. An average sized home would now expect to pay around £5,000 for a solar panel system, generating enough electricity to power your home AND provide an income of around £400-£500 a year from the feed-in tariff.
A survey of your property will be needed to calculate the precise return you will see from solar panel installation, and this will also depend on the feed-in tariff at the time the panels are installed.
Solar panels facts and figures
Costs, returns and savings
Assumptions made: 1) roof slope of 30 degrees, 2) 50% of energy exported to the grid 3) feed-in tariff rate of 4.11p for 20 years.
Get paid to generate electricity
The feed-in-tariff is a government scheme whereby money is paid to homes generating power via solar panels. The government will pay a certain amount per Kilowatt hour of energy produced and this, added to the general reductions in energy costs for the home, can mean that solar panel owners can make a reasonable return on their investment.
High return on investment
Your return on investment will vary depending on your property type, location, roof pitch and any nearby trees or buildings that may cause shading on your roof. Despite a drop in the feed-in tariff, the cost of solar panels has fallen by around 50% in the past two years, which continues to make solar an attractive investment. Not only will you save money on your energy bills, but you’ll receive a payment for every kWh of energy generated, usually around £400 – £600, giving a return on investment of around 8%-12%.
Is your property suitable?
In order to generate the best return from solar panels, your roof should face in a southerly direction with a pitch of around 30 degrees. There should be no shading from surrounding trees or buildings and you should have a sufficient size roof to install at least 8 panels. You will also need to ensure your home has adequate insulation in order to meet the minimum energy rating band D in order to receive the feed-in tariff payments. Will solar panels work on my home?
Cost of solar drops 50%
Most domestic photovoltaic systems will cost anywhere from £1,250 to £1,750 per kWp. The most popular size of system is 4kw, making the average price around £5,000. However, solar panels costs will vary between installers depending on the quality of panel installed. The best panels will be more efficient, generating more energy and earning higher feed-in tariff payments for you. We advise you contact at least three companies to compare a range of quotes.