Solar panels are now cheaper than ever before, after the latest round of feed-in tariff cuts came into effect on April 1. With solar panels you can save a fortune on your expensive electricity bills, whilst earning over £500 every year with the Government’s feed-in tariff.
And after the Government reduced its tariff rates slightly earlier this month, the cost of solar panels has plummeted to a record low. This means your return on investment will be greater than ever before.
Despite a slight drop in income rates, payments are still made for two decades and you can save on bills for 25 years and more. This is by far the best way to control your future energy bills, especially as the major suppliers will likely be increasing prices again this winter.
A full solar panel system can now cost as little as £4,000, which would be ideal for a family home. As long as you have 10m² of roof space available, a solar system is perfect.
Whilst you may not feel inclined to spend this sort of money on solar panels, with the Government payments available, you can easily recoup the cost in less than 10 years.
How much can I save with solar panels?
With solar panels there are a number of ways to ensure you save and earn a small fortune. After all, the Government is keen to support low carbon technology such as solar panels.
There are three major ways to earn money with solar panels:
Electricity savings: The Energy Saving Trust suggests you’ll save £94 a year on electricity bills with solar panels. As National Grid prices continue to rise in the future, you’ll make an even greater saving.
Feed-in tariff: With the Government’s feed-in tariff scheme you’ll earn up to £500 a year, tax free. This is available for 20 years and if you invest now you’ll lock onto the highest rates.
Export Tariff: If you don’t use all the electricity you produce then don’t worry because it won’t go to waste. Instead, you can sell it back to the National Grid and you’ll earn £84 annually by doing this.
The cost of solar panels in the UK continues to drop, getting quotes from up to 4 solar panel installers will allow you to get the best possible price.
Of course, the more energy efficient you are in the home, the more money you can save. This includes using your washing machine and dishwasher during the day when your solar panels are active.
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