Those who invest in solar panels are planning for the future. Solar power is a long term strategy and what\u2019s important to remember is it\u2019s not for those looking for a quick buck. Instead, with solar panels you\u2019ll be thinking about how to save money for the decades to come. <\/p>\n
The reason it\u2019s not meant for a quick buck is simply down to the cost. The initial outlay will be between \u00a34,000 and \u00a37,000, with savings and earnings up to \u00a3800 every year. This shows that the annual return on investment stands at around 12%. <\/p>\n
If you\u2019re worried about future energy bills, which in today\u2019s climate you should be, and you have sufficient space on your roof for a system, domestic solar panels could be for you. <\/p>\n
There are two options to consider for solar \u2013 PV and thermodynamics. Solar PV is by far the most popular, providing electricity for your home and linked to the Government\u2019s lucrative feed-in tariff income scheme. <\/p>\n
Solar thermodynamics heat water and whilst there is the Renewable Heat Incentive (RHI), you won\u2019t earn the same level of returns. <\/p>\n
Ian Cuthbert, Green Deal Supply Chain programme manager at the Energy Saving Trust (EST), says: \u201cA typical average UK solar panel system is about 3.5 to 4 kilowatts in size. There\u2019s a good reason for that, because if your system is above 4 kilowatts then the tariff you receive will be less.<\/p>\n
\u201cThat will cost you around \u00a37,000. A system of that size will give you a combined savings and income of around \u00a3645 a year. Around \u00a3125 of that is savings you make from using the electricity directly and the rest is from the feed-in tariffs.<\/p>\n
\u201cThese are fairly long-term savings. As it stands today, you would make those savings on an annual basis over 20 years.<\/p>\n
\u201cThe tariffs are linked to RPI (retail price index) and the savings you make on electricity will vary depending on the price charged by the main energy companies. But as those prices increase, then those savings will only increase.<\/p>\n
\u201cThe feed-in tariffs are guaranteed for 20 years, but so long as the panels last longer than that then you\u2019ll continue to get savings for longer than that.\u201d<\/p>\n
Ofgem figures show that UK solar panel installations are as popular as ever. There are over 6,000 homeowners installing solar each month and earning a considerable income. If you\u2019re keen to take advantage then it\u2019s best to act quickly before feed-in tariff rates are cut by the Government. <\/p>\n
What\u2019s also crucial is to have your system installed by an MCS registered company. The MCS certification covers the product and installer, ensuring everything meets its stringent regulations. If you want to earn feed-in tariff payments then your solar panels must be MCS accredited. <\/p>\n
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Facts & Figures You’ll Love To Share <\/strong><\/p>\n