With the warm weather we’ve been benefitting from over the last couple of months it’s no surprise that the British population has been out in force at the beach topping up those summer tans. But at the same time, many others have been seeing a greater financial reward with the burst of hot weather we’ve received.
Renewable technology takes advantage of a natural energy resource, helping to significantly reduce bills and even earn a fantastic return on investment.
And solar panels are easily the most popular domestic renewable in the country, with over 450,000 installations nationwide providing homeowners with free electricity and heat throughout the year.
There are two possibilities if you’re considering solar panels for your home: Solar PV and solar thermal. With incentives and savings associated with both, which should you be looking to invest in? Find out more with our guide to solar panels below:
Solar PV
Solar PV systems are easily the more popular of the two options, generating electricity from daylight. The system is installed onto the roof, with the optimal position being south or southwest. However, they can still be placed on other rooftops as well.
With solar PV there are three ways you can benefit financially:
- Energy savings: With solar panels you can reduce your reliance on grid electricity, generating your own power and saving over £100 a year on bills
- Government income: The feed-in tariff pays out for every unit of renewable electricity you produce. With this scheme, the Energy Saving Trust predict you’ll earn over £500 a year, helping to get a fantastic return on investment
- Sell excess electricity: Solar PV generates electricity during daylight hours, but don’t worry because if you’re not home it won’t go to waste. Instead excess electricity can be sold to the National Grid at a rate of 4.5p/kWh.
Solar thermal
Instead of producing electricity for the home, solar thermal panels generate heat which can be used for both space and water heating. In fact, the system can provide over 60% of your hot water needs.
There are three financial incentives associated with solar thermal panels:
- Energy savings: Thermal panels capture the sun’s heat waves to provide energy for the home. With a thermal system in place you can save hundreds of pounds each year on your hot water and space heating bills
- Earn an income: From spring 2014 a similar incentive will come in for solar thermal as the feed-in tariff is for solar PV. The Renewable Heat Incentive will pay out for every unit of heat you generate at a rate of 7.3p/kWh
- Government grant: Under the Renewable Heat Premium Payment (RHPP) you can receive a grant worth £600 for the installation of solar thermal panels.
Facts & Figures You’ll Love To Share
- [tweetable alt=””]Solar panels are now priced at a record low, providing an excellent return on investment for every buyer.[/tweetable]
- [tweetable alt=””]The feed-in tariff scheme will help homeowners earn over £500 annually with solar panels.[/tweetable]
- [tweetable alt=””]Solar panels will help to reduce your yearly electricity bills by over £100, providing over two decades of savings.[/tweetable]
- [tweetable alt=””]The generous export tariff ensures no electricity is wasted as it’s sold to the National Grid for a set price.[/tweetable]
- [tweetable alt=””]As gas and electricity prices continue to increase year-on-year, solar panels offer a way to guarantee your energy future.[/tweetable]