The cost of energy bills in the UK is ever-rising, with a typical British household spending over £1,200 per year on energy bills alone. Now is the time to embrace eco-friendly energy solutions. One such solution gaining in popularity is the installation of solar panels. So, what is the financial return of installing solar panels on your home in the UK? Follow on to this blog post as we dive into this question and more!
ROI is King
Many would argue that the primary consideration as we evaluate the profitability of solar panel installation is to measure it in savings and Return on Investments (ROI). Averagely, the ROI for a standard installation of solar panels in the UK is no less than 10 percent annually. However, to gain a better perspective on how your investment might pay off, Solar Photovoltaic Systems provide a tabled metric that shows the rate at which you’ll accumulate a return. This can be calculated based on an estimation of how many solar kilowatt-hours (kWh) the panels produce per year.
Typical Price of Solar Panel Installation
Researching the cost of solar panel installation is also essential and to give you an idea of what to expect, the average price of solar panel installation is approximately £6,200. Nevertheless, the total cost of installation can vary, depending on the number of panels needed, the chosen inverter, and solar battery systems.
Tired of paying expensive energy bills? Say hello to Solo!
Start saving money right from day one and take charge of your energy bills.
Join us in the journey towards achieving Net Zero for your home or business.
Financial Incentives
In the UK, solar panel owners are often compensated by their energy suppliers through Feed-in Tariffs (FiTs). FITs are government-funded schemes that offer homeowners compensation for installing solar panels on their property. The compensation is paid for every kWh a solar panel system generates, whether or not it is used. It’s also payable for twenty years, providing an additional income to homeowners and a significant incentive to install solar panels.
Energy Savings
Another financial incentive for solar panel installation is through energy savings. With self-generated electricity, the need to purchase power from your supplier is significantly reduced. While solar panel systems do not entirely eliminate the need for energy from the grid, it can free the homeowner from energy cost burdens entirely making the switch towards becoming sustainable an easy decision.
Conclusion:
Solar panels are a wise investment that homeowners can make to save money on their energy bills, provide returns on investments, and help save the environment. With the financial incentives in place such as FiTs and the savings in energy bills, the adoption of eco-friendly energy systems has never been easier or more profitable. Siting solar panels on rooftops is one the most popular methods adopted by homeowners – you can get started on this journey regardless of the property size, energy needs, or budget. Investing in a solar panel system is an investment worth undertaking for every homeowner in the United Kingdom!