This winter energy prices are set to rise again, increasing your annual expenses and ensuring you pay out record amounts for your gas and electricity.
But there is a way out of the expensive energy market, by taking up solar panels and generating your own environmentally friendly electricity. Not only does this renewable product slash your annual bill but it’ll also rake in a guaranteed Government payment for 20 years.
In fact, the Solar Trade Association Chief Executive, Paul Barwell, says: “Our figures show that solar is a no-brainer investment. Compared to the returns you can get these days in banks and many other investments, solar provides a very solid and attractive return.
“That is particularly the case if you consider energy bills are rising faster than anyone expected.”
There are four clear-cut reasons to invest in solar panels, which are outlined below:
- Electricity reductions
With solar panels you’ll be generating your own energy and avoiding the National Grid. This means you’ll be cutting electricity bills and countering the increased prices.
Solar panels produce electricity by harnessing the sun’s natural rays. When light shines on the panels, it’s converted into electricity and can then be used for household appliances such as lighting, televisions and washing machines.
By generating your own electricity you’ll be set to make energy savings of as much as £300 a year, depending on your usage and the size of system installed.
- Guaranteed payments
It’s not just the savings on energy bills that offer a financial incentive to solar panels. In fact, a more lucrative scheme is the Government’s feed-in tariff. The scheme provides a guaranteed source of income for 20 years at a 16p/kWh rate.
Once the solar system has been installed, you’ll be locked onto this rate for 20 years and the Energy Saving Trust believe you’ll earn close to £600 annually with PV panels on your roof.
This rate will be reduced on November 1, so be sure to have your solar panels up and running before this date to guarantee the higher earnings.
- Export excess electricity
Most photovoltaic systems will generate more electricity than will be used in the home during the day. For this reason, the export tariff was introduced to ensure no clean energy was wasted.
With the export tariff, unused electricity is automatically shipped to the National Grid, at a set rate of 4.2p/kWh, which is paid for by your electricity provider. With this scheme in place, the Energy Saving Trust suggests you’ll see an extra income of around £77 a year with the 4kW solar system.
- Reduced carbon emissions
In this day and age, most people want to invest in something that will save them money and help the environment at the same time. And solar panels fall into this bracket perfectly.
As a renewable technology, solar panels produce environmentally friendly energy and no carbon is created in the process. Carbon dioxide is one of the main contributors to global warming, making it essential to reduce output.
By installing solar panels you’ll reduce your home carbon emissions by a mammoth 40.9 tonnes over 25 years.
Mr Barwell concludes: “Mr Barwell said: “Investors in solar power are also helping us to drive an exciting energy revolution, putting power in the hands of everyday people while saving the planet.”
Solar panel quotes
If you’re interested in earning a fixed income and reducing your energy bills, complete our quick solar panel quotes form and hear from up to four vetted and reputable trade professionals in your area.
You’ll be able to compare these no obligation quotes and decide for yourself if solar power is right for your home.