The Cost of Residential Solar Panels in the U.K. (United Kingdom)
With the energy crisis hitting several countries in the world, people and governments are focusing more on optimizing solar energy for power generation. Recent technological advancements and a decrease in installation prices have made the cost of residential solar panels affordable and convenient. Let’s see how they can be cost effective so you can save money in the long run.
Installation and Maintenance: Solar power generation equipment is a one-time investment for your home, for which you can reap the benefits for several years. Also, solar panels require minimum maintenance as they are weather-proof and generally come with a 25-year warranty.
Equipment Cost: Governments are encouraging the use of solar power by offering energy subsidies on initial equipment purchase. These could be in the form of direct transfer of cash for the consumers or as an indirect benefit scheme like exemption from payable taxes. The price of photovoltaic cells has dropped highly in the past few years, making them more attractive.
For example, the Energy Saving Trust, which optimizes government funds for domestic photovoltaic power generation in the UK, roughly calculates that the equipment for solar power generation costs around £5,000 to £8,000 per kilowatt-peak (kWp). The average home needs 1.5 to 3 kWp, for which savings could be anything from £150 to £200 every year.
Saveable Amount: A system with a capacity of 3.5kWp costs around £7,000 and would produce over 3,000 kW hours annually, which is nearly 3/4 of what your home requires. Furthermore, if your setup has the eligibility for the ‘Feed-In Tariff’, it can generate revenues of up to £645 per year by sending the surplus electricity to the power grid. Keep the ‘Energy Performance Certificate’ of your property ready so that it can be shown while applying for the FIT.
Some factors to consider before installing a solar power system:
- The ‘per kWp’ cost of different photovoltaic (PV) panels is the same, however a PV tile setup is more expensive than PV panel setup.
- High-power generation systems (4kWp) are more cost-effective when compared to systems with low generation capacity.
- Panels that are placed on roof tops are cheaper than those that are built into roofs (tiles).
- The more electricity a solar system generates, the more it costs. But the less you will pay on electricity bills.
Author bio: Hi, I am Sophie from London. I am an insurance advisor who does some voluntary work for Greenpeace by spreading awareness on renewable energy sources.