Solar Panels are they worth it?
We are all looking for ways to reduce our energy bills. One way is solar panels, the demand for which has skyrocketed. With more than 1.3 million rooftops across the UK now having solar panels installed and with the cost of solar panels reduced massively over the past decade its worth asking if they are now worth it?
In this blog post, we will outline the pros and cons of solar panels to help you determine if they are the right choice for you.
Pros
There are plenty of reasons why solar panels are perfect for homeowners, the biggest selling point is that they can save you money on energy bills. By powering your house with solar power generated electricity, on average a 3.5-Kilowatt solar panel system will cost you just under £8,000 but will save you roughly £500 each year (location dependent). Two main factors that will impact your energy bill include;
- How much energy your solar panels can produce
- How much of this electricity you can use
With innovative technologies becoming more widely available it could be worth investing in high efficiency solar panels and a solar battery to store the excess power for use when the sun goes down, or you could extend you system by adding more panels (if you have the space of course). With solar panels producing your electricity they will also shrink your carbon footprint, on average residential solar panels save UK homes approximately 0.7 tonnes of carbon dioxide emissions each year.
Many people do not know that you can earn money for the electricity you generate but do not use. In the UK, most homes with solar panels produce excess electricity, which is where the Smart Export Guarantee (SEG) comes in. The SEG requires licensed electricity suppliers to offer tariffs to small-scale generators, allowing homeowners to sell their surplus electricity back to the national grid. While solar panels may not provide complete independence from the grid, they significantly reduce reliance on it and help lower energy bills.
There are many grants and schemes available to help you achieve your Solar panel goals. For more information check out The Smart Export Guarantee (SEG), ECO4 & Home Upgrade Grant.
Now that we have covered the big points it is worth noting that solar panels are exceptionally low maintenance, with most panels coming with warranties. They are also silent so will not bother your neighbours and if you feel like you want to add more to your existing system this could be also an option.
Solar panels can have a positive impact on your home's property value and demand. Research has shown that a significant majority, approximately 65% of potential homebuyers, express a preference for homes equipped with solar panels. Homes with solar panels are viewed favorably for their potential to lower long-term energy expenses and decrease reliance on traditional energy sources, thereby appealing to environmentally conscious buyers.
Cons
With the pros being very favourable there are a few considerations that need to be addressed if you are thinking about solar panels for your home.
Although solar panels can help you earn and save money the installation costs are still significant, even considering that the average price has fallen by about 70% in the past decade.
Panels typically have a lifespan of between 25-30 years, after which their efficiency may decrease, leading to potential replacement costs.
You might also think that your return on investment for solar panels will be quick, but studies show that it could take homeowners 14.6 years to break even.
Another consideration is that not all roof types are suitable for solar panels, your roof ideally needs to be south facing, at a 30-45o angle with little to no shade. The size of your roof will also impact how many panels you can fit on it. Averaging at around 2m2 panels take up quite a lot of space and the more you add the more space they will need. If you are restricted with your space, higher efficiency panels might be the answer as they can do the same job as a larger number of standard panels.
As we all know the UK does not have the best weather, unlike other countries the UK averages about 1435 sunshine hours a year. Naturally, solar panels perform better during the summer months compared to the darker winter months, but this does not mean your panels will stop working completely as all the need is daylight.
Summary
To summarise, adding solar panels to your roof offers many benefits, but there are also drawbacks to consider. Solar panels may not suit everyone's needs. The initial investment can be significant, but they can save you money on energy bills and reduce your carbon footprint over time.
Whether you're weighing the decision or seeking more information, we're available to assist with any inquiries you may have.
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