Are you fed up of paying large energy bills every month and want to cut the amount you’re spending? Then you’ll probably want to know how much do solar panels cost. Well the good news is, prices have plummeted over the last few years. As a result solar panels are now much more affordable than they once were, ensuring an investment makes financial sense.
So, how much do solar panels cost?
When the feed-in tariff scheme had top rates of over 40p/kWh, solar panel companies had a lot more leverage to charge high prices for systems. A few years ago you could easily have paid £14,000 for a solar panel system.
But with the Government cutting rates to the scheme (now at 15.4p/kWh), prices have dropped considerably and you could now pick up a solar panel system for just £5,000. Of course prices will vary depending on the company you choose and the size system you opt for though.
If you still think solar panels are a little on the pricey side, then let me introduce you to the benefits on offer with this renewable technology.
The feed-in tariff:
The feed-in tariff is by far the most lucrative benefit provided with solar panels. It’s a Government-backed scheme which pays out for every unit of electricity you generate, whether or not it’s used in the home or sold to the grid instead.
With the feed-in tariff you can earn between £500 and £600 each year, guaranteed for two decades. So instantly you’ll start recouping your initial investment and you can easily see the profits achievable.
Energy bills savings:
Solar panels offer a route away from paying National Grid prices for gas and electricity. As energy suppliers keep cranking up costs, the best way to reduce your expenses is by generating your own electricity, with solar panels.
Solar panels have a life expectancy over 25 years and you can save £100 each year.
With energy costs expected to double by 2020, your annual savings will keeping increasing with every year you have solar panels installed.
There’s a third financial incentive which isn’t as known to those outside the industry, called the export tariff. This is an agreement between the Government and major energy suppliers, so the electricity you produce can be sold to the grid if not used in the home. This is perfect for those likely to be at work during daylight hours and ensures no energy is wasted.
The export tariff rate stands at 4.5p/kWh and should earn you a further £80 each year, adding to the feed-in tariff income and energy bill savings.
Remember, if you want the true answer to how much do solar panels cost, you need to compare at least three of four quotes from reputable companies.
Facts & Figures You’ll Love To Share
- Solar panels are now priced at a record low, providing an excellent return on investment for every buyer.
- The feed-in tariff scheme will help homeowners earn over £500 annually with solar panels.
- Solar panels will help to reduce your yearly electricity bills by over £100, providing over two decades of savings.
- The generous export tariff ensures no electricity is wasted as it’s sold to the National Grid for a set price.
- As gas and electricity prices continue to increase year-on-year, solar panels offer a way to guarantee your energy future.
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