What are the financial benefits of solar energy and show I install solar panels?
This is a question we are getting asked a lot these days and short and simple answer is YES. Electricity prices are continuing to climb and there doesn’t seem to be any end in sight to high energy bills for homeowners across the U.K. The financial benefits of solar energy systems make more sense in today’s climate, particularly as solar panels and inverters are cheaper, more efficient and the fact that energy prices are higher than we have seen in recent times. All these factors combined making the case for installing solar panels in your home more compelling.
However, many people find themselves overwhelmed with the wide range of information available of solar energy systems on offer, making it difficult to decide whether or not it would be beneficial to install solar panels. The best thing you can do in this situation is arm yourself with knowledge about the advantages and disadvantages of solar power to make a decision.
A Rise in Popularity for Solar Energy Systems
On average, more than 4,000 solar panels are installed in the UK each month. The growing popularity of solar panels means that the prices have gone down by 60% over the past decade. The prices of solar panels have steadily decreased over the last years, as new technologies have been discovered to make solar energy components more cost-efficient. On top of that, solar panels do not merely help to reduce your energy bills, but they can also help you earn money from surplus electricity generated.
The Key Financial Benefits of Solar Energy
- A standard 4Kw Solar Panel installation could reduce your electricity bill by 80%
- Installing Solar Panels is quick and easy and often fit and forget technology
- You can earn money from your energy company for exporting back to the grid
- Inverters come with a manufacturers warranty of 12 years
- Solar Panels have a linear performance guarantee of 25 years
- Fully installed and commissioned within one month
- They a offer a return on investment
- They are environmentally friendly
The SMART Export Scheme
The SEG launched on 1 January 2020 and is a government-backed initiative. The SEG requires some electricity suppliers (SEG Licensees) to pay small-scale generators (SEG Generators) for low-carbon electricity which they export back to the National Grid, providing certain criteria are met.
Under FIT, energy owners were initially paid more than 40p per kWh of electricity exported. Though this figure has dropped due to the increasing number of homes installing solar panels, they still earn more than SEG, which pays between 6p–9p per kWh depending on the supplier.
You need to have a renewable electricity generating system that meets the SEG eligibility requirements. You must have a meter capable of providing half-hourly export readings. This would typically be a smart meter.
The Benefits of Solar Battery Storage Systems
Energy storage technologies enable you to capture the energy you generate but don’t use and save it for later. In this way, you can ensure all the energy captured by your panels is used and never wasted. Energy storage is also not only beneficial for you individually but also for society as a whole.
Solar battery storage systems are typically installed as part of a solar panel installation. If you have solar PV panels, or are planning to install them, then using home batteries to store electricity you’ve generated will help you to maximise the amount of renewable energy you use and provide better returns on investment. Solar battery storage systems can also be installed as a stand alone solution to reducing your electricity bills. For example, if your property is not suitable for a solar panel installation, installing an AC Controller and battery storage will enable you to charge your batteries in the evening when the electricity is cheaper to buy and then use this electricity in the daytime (instead of buying at a higher rate).
