Solar panel prices are set to rise in the coming months as a 47% tariff has been placed on Chinese imports. Experts fear this may damage the solar panel market, with Chinese companies taking up 80% of the industry.
Since 2010 solar panel costs have been in decline and in the UK are now at an all-time low. As such, interest from homeowners and businesses has significantly increased as prices were slashed in line with feed-in tariff reductions.
But this proposed tariff increase from the EU could damage the industry once again, after successfully recovering from the Government’s feed-in tariff uncertainty in 2012.
The message is clear to those considering solar panels as a way to produce free, environmentally friendly energy; Buy now or risk spending thousands of pounds extra in the future.
The European Commission has stamped the 47% anti-dumping duties on Chinese solar panels, despite opposition from many countries, including Germany. Beijing has warned the move could spark a price war which would see the consumer losing out most.
With laws imposed on Chinese solar panels, UK companies will start to feel the effects when looking to purchase additional systems from Eastern Asia. As such, prices will be hiked in the UK and return on investment will be dramatically reduced.
EU Trade Commissioner Karel De Gucht said: “Today, the European Commission has decided unanimously to impose (punitive) tariffs. I want a fair solution with China. The ball is now in China’s court.”
As it stands, solar panels offer an excellent return on investment through the combined electricity savings and feed-in tariff earnings. Profits achievable have increased as the industry looked to lower solar panel prices, but there are fears this work to stabilise the market could be in jeopardy.
If you’re looking at solar panels as a potential investment, it’s important to fast-track your interest before you’re affected by these potential price rises.
Remember, by installing solar panels you’ll:
- Earn over £500 annually with the Government-backed feed-in tariff
- Slash electricity bills throughout the year by generating your own power
- Sell excess energy to the National Grid to ensure none goes to waste
You only have a limited time to make the most from cheap solar panel prices before these hikes. So compare up to four quotes today and get the best solar panel costs in your area.