According to energy regulator Ofgem, for the first quarter of 2023 (1st January – 31st March), the energy price cap is set to rise to an annual level of £4,279, for an average dual fuel household paying by direct debit based on typical consumption.
This indicates how much consumers on their energy supplier’s basic tariff would pay if the Government’s Energy Price Guarantee were not in place – which is set to save a typical household in the UK around £900.
As the cost of energy rockets, householders are understandably looking at ways to save energy and money.
For most, looking at ways to take control of energy usage and become energy independent has never been more important than now.
One such way is by having a solar panel system installed.
For those considering investing money into green technologies, like Solar PV, is it a worthwhile investment?
This blog sets out to help you answer that question, by giving you valuable information designed to support you in making an informed decision on whether solar panels are the right investment for you.
Is installing solar panels worth it?
If you are asking yourself, are solar panels worth it? Then the chances are, you’re already seriously considering having solar panels installed. You may have done some online research on whether your home is suitable to have solar PV installed, considering factors like the orientation/pitch and size of your roof, shading, and your energy usage behaviour.
If you believe your home is suitable, which accredited installers would be able to confirm at the survey stage, and considering the leap to making your green investment, then read on about 8 top reasons why installing solar panels is a good idea.
8 top reasons why installing solar panels is a good idea
You can make savings on your energy bills by generating your own electricity with solar panels.
The Energy Saving Trust (EST) has a fantastic free tool that provides estimates for fuel bill savings, as well as financial payments, you may receive by installing a solar PV system.
2. 1000’s of households having Solar PV installed
It should give you peace of mind to know that 1000’s of households across the UK are already benefitting from solar panels.
According to MCS, there have been over 209,280 MCS Certified Solar PV Installations to domestic homes across the UK over the last 4 years. These installations have taken place in social and privately rented properties, with the largest majority being installed in owner-occupied dwellings.
3. Price of Solar Panels dramatically dropped
According to research published by the Government (Released by The Department for Business, Energy and Industrial Strategy: UK Rooftop Solar Behaviour Research (PDF), July 2021), the cost of solar panel installation has declined by 60% since 2010, making Solar PV more of an affordable option.
According to the same Government study, there have been very positive experiences of households interviewed, who have adopted solar panels, and found that their expectations were met or exceeded in terms of efficiency savings, ease of purchase, maintenance, and reliability, and environmental benefits.
4. Earn money back from Solar Panels
Following the closure of the Feed-in Tariff scheme, the Smart Export Guarantee pays you for the electricity you generate.
You can get paid for the excess electricity you don’t use and export to the grid.
The scheme has been running since 1st January 2020.
5. Benefit from Government cut in the VAT rate
You can also benefit from 0% VAT thanks to an announcement by the government. This VAT cut will be available up until 2027 and will mean households will benefit from a 5% slash in VAT. It is one way in which the government is incentivising households to install solar panels.
Therefore, you are not only benefitting from a drop in solar panel installation costs, but also from additional savings through the VAT cut. Another reason why it is a good time to invest in solar panels is.
6. Environmentally sound
Solar PV systems are a green renewable technology. You are using the natural energy source, the sun. You are playing your part in relying less on fossil fuels by choosing an environmentally friendly way to generate your electricity.
7. Solar panel systems have little or no maintenance cost
One major benefit of a solar panel system is that they need very little if any maintenance and usually come with a manufacturer’s warranty of around 25 years.
Overall failure rates for photovoltaic solar panels have fallen dramatically when compared to installations before 2000, according to a review by researchers from the Energy Department’s National Renewable Energy Laboratory (NREL).
8. Improves the value of your property
By installing a solar PV system, you are futureproofing your home from rising energy costs. The solar panel system can become a selling point if you ever consider putting your property up for sale. Not only that, but it will also improve the EPC rating of your home – making it more desirable and potentially increasing its value.