How much do Solar Panels cost?
With rising costs of energy and improvements in solar efficiency, the ROI is getting better and better!
What you can expect in terms of solar panel costs will depend on the size of the system you install as well as the type.
‘Solar panel supply and installation costs will vary, but you can look to pay anywhere between £5,000 to £10,000 for a photovoltaic (PV) system and £4,000 to £5,000 for a solar thermal system,’ say the experts at Checkatrade(opens in new tab).
How much can you save with a solar photovoltaic installation?
When you’re deciding whether the cost of solar panels is worth it, you’ll want to factor in how much they are likely to save you. If you live in London, for example, you might save between £170 and £415 annually without the smart export guarantee (SEG) (see below), according to the Energy Saving Trust(opens in new tab) (EST).
What is a Solar PV Installation feed-in tariff?
The feed-in tariff closed to new applications in March 2019, but the SEG offers the opportunity to be paid for exporting energy. ‘The feed-in tariff has now been replaced by the smart export guarantee, where some electricity suppliers will pay homeowners for any low-carbon electricity they export back to the National Grid,’ says Steve Alldritt. ‘The average home can make £112 per year through the SEG.’
Therefore, when you combine the savings of generating your own electricity, and the pay for exporting back to the grid, you could make as much as £527 per year. This means it will take 10 to 15 years to earn back your initial outlay, not including any added wiring or roof upgrades.
Contact us today for a free quotation for your solar panel installation or visit our Solar PV Installation for more information.