Solar costs are falling so fast that solar PV is likely to meet energy targets early, according to Oxford University researchers.
Since the 1980s, solar panels have got 10% cheaper each year. Researchers are confident that this will continue, meaning that solar should meet 20% of global energy needs by 2027.
The Feed-in Tariff scheme
The decrease in solar costs means that all is not lost even though the Feed-in Tariff scheme (FITs) is drawing to a close. The Feed-in Tariff scheme is a government-backed scheme that pays you for each unit of electricity you generate.
When the scheme began in 2010, you could expect over 40p per kWh for 25 years, but now the government pays 4.39p/kWh for 20 years. On 31st March, the tariff will decrease again.
Although the numbers seem bad, there are still a lot of savings to be made with solar. The Feed-in Tariff has gone down, but so has the cost of solar, so the government doesn’t need to incentivise as heavily.
At the beginning of FITs, a solar panel system could set you back £12,000, whereas now the figure is nearer £5,000. And now you can add a solar battery to your solar system, it means that your electricity bill savings can reach up to 50%.
The solar battery
Before solar batteries were mainstream technology, you could only benefit from solar power during daylight hours when your system was able to generate electricity. This was because the systems could not store the energy they generate, so you were best suited to solar panels if you were at home during the day.But with solar batteries, your system can generate all the electricity for your needs and store any excess in the battery storage system. This way, no electricity is wasted and you get to use every unit you generate.
Depending on your location and your usage, your entire home could be powered by solar electricity, but you should be able to expect at least 50% off your annual electricity bill.
The decrease in solar costs paired with the rise in solar battery technology means that solar panels are still a worthy investment.
To benefit from FITs, act now and get a solar roof survey to see how much you could earn and save.
Facts & Figures You’ll Love To Share
- #SolarPanel costs are decreasing by 10% every year.
- You can save up to 50% on your electricity bills with #SolarPanels.
- Earn up to £5,000 over 20 years with the solar Feed-in Tariff.
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