Are solar panels worth it? Everything You Should Consider

In this blog, we'll explore various aspects surrounding solar panel installations to help you make an informed decision.

How much does it cost to install solar panels?

Let's start with the bottom line: cost. The initial investment for installing solar panels can vary based on factors such as the size of your home, location, and the type of solar panels chosen. 

On average, homeowners in the UK can expect to pay between £6,000 to £10,000 for a typical residential solar panel system. 

According to a report in the Independent, an average three bedroom home will pay about £9,000 for solar panel installation including a battery. However, this same study indicates that the average home can reduce their annual bills by up to £1,190, which would mean the average homeowner would break even within 8 years.

It is also important to note that there are often financial incentives which can significantly reduce the upfront costs and / or provide financial incentives following the installation. 

At time of writing, April 2024, the following UK solar panel installation grants were available:

Energy Company Obligation 4 (ECO4)

ECO4 is a government-backed energy efficiency scheme designed to tackle fuel poverty and help to reduce carbon emissions. 

The scheme requires energy suppliers to fund the installation of energy efficiency measures in certain homes. 

The energy supplier will work directly with an installer to introduce specific energy efficiency measures into your home. ECO4 has very specific application criteria, as you must either own your home (or have the permission of your landlord), and also be in receipt of at least one of the specified benefits whilst satisfying the relevant income thresholds. 

With regards to solar panel installation, ECO4 can be used by eligible households for the installation of solar photovoltaics, but only if other avenues such as a biomass machine have been ruled out.

Solar Together

Solar Together is an ongoing initiative for homeowners and renters who live in participating council areas. 

The scheme could see homeowners make savings of up to 10 - 25%. 

If you are looking for West Sussex Solar Installation, the good news is that Solar Together Sussex is supported by West Sussex County Council. 

Solar Together is a group buying scheme, enabling you to fit high-quality, roof mounted solar panels. You are also given the opportunity to fit a domestic battery system to store surplus electricity generated by the solar panels.

Home Upgrade Scheme (HUG2) 

The Home Upgrade Scheme is scheduled for delivery between April 2023 through to March 2025. Eligible homes will receive support if they are low income, have an EPC between D and G, are off the gas grid and live in a participating council. 

For information on which councils are participating in the HUG2, please visit the Gov website.

There are also specific schemes for Scottish and Welsh homeowners, namely the Home Energy Scotland Grant and Loan Schemes, and the Welsh Government Warm Homes Nest Scheme.

We understand all of these options and new information can be overwhelming, which is why we provide solar panel financing where our team can help source the correct support for you if required.   

How long do solar panels last?

One of the appealing aspects of solar panels is their durability. Most solar panels come with warranties ranging from 20 to 25 years, but they can last much longer with proper maintenance. 

With regular care, solar panels can continue to generate electricity efficiently for 30 years or more, ensuring a lasting return on investment.

Top solar panel installers for residential and commercial areas should all provide maintenance warranties.

Do solar panels increase home value?

Whilst there is no definitive answer as to whether solar panels increase the value of your home, they can help to increase the desirability of your home and therefore help you to sell your home later down the line for the right price. 

Nicky Austin, from local estate agent At Home confirmed this, stating “solar panels do not necessarily increase the value of your home when you come to sell it. 

However, it can help to make your property more attractive at its price point because of the potential for lower energy bills”.

How efficient are solar panels?

Solar panel efficiency refers to the amount of sunlight that can be converted into electricity. 

Over the years, the efficiency of solar panels has improved significantly, with modern panels boasting efficiency rates of 15% to 22%. 

Higher efficiency means more electricity production per square foot of panel space, making them suitable for a variety of installations, including smaller rooftops or areas with limited space.

How much energy does a solar panel produce?

The energy output of a solar panel depends on factors such as its size, efficiency, and the amount of sunlight it receives. 

On average, a typical home solar panel system in the UK can generate between 3,800 to 4,800 kilowatt-hours (kWh) of electricity per year. 

However, this figure can vary based on geographical location, weather conditions, and shading issues.

Summary

The decision to invest in solar panels hinges on various factors, including your budget, location and long-term energy objectives. While there is an initial cost associated with installation, the potential savings on electricity bills, coupled with environmental benefits and increased home value, make solar panels a compelling investment for many homeowners in the UK. 

If you're contemplating the switch to solar energy, whether that be for commercial solar panels or residential purposes, be sure to conduct thorough research and consult with a reputable solar company such as ourselves. 

At Solar Dynamics, we can help transform your savings on energy consumption through solar panel installation on your home and business.

For a free, no obligation quote, please contact 01403 622700 or email sales@solardynamics.co.uk