How Much Do Solar Panels Save on Electricity Bills

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The climate crisis is the crisis of our times – a crisis on the world’s lips, and one which is continuing to develop even as we re-address our habits as households, countries and industries. At home, even the simple act of recycling or composting can feel like making a major difference, but there is always more you can do.

With fossil fuels being the main culprit for the build-up of greenhouse gases in our atmosphere, it is only natural that many of us seek less pollutive alternatives to powering and heating our home. For this reason, solar panels have gotten more and more popular with regard to domestic installs. This isn’t the only reason, though; why is it that solar panels are beneficial, and can they indeed be financially beneficial to you?

Solar Panels – The Benefits

Let’s start with an overview of the solar panel and its benefits. Solar panels, or photovoltaic panels, convert energy from the sun’s rays into electricity. With the right array of panels and the right battery system, this energy can be used handily to power the home – with little or no subsidy from the National Grid.

The immediate benefit here is clear: solar panels are cheaper to run than receiving an electricity supply from an energy company. After the initial cost of installation, and excluding the irregular costs associated with maintenance and repair, solar panels are effectively harnessing free energy. This means lower household expenditure, and in the right circumstances can also earn you money. If you generate more electricity than you need, you can feed it back through the National Grid and get payback for doing so.

How Much Do Solar Panels Cost?

The kicker here is that solar panels have an attached installation cost. Not only can the panels themselves be expensive, but they must also be installed by a person or firm with experience fitting solar panel systems. Smaller systems with less power capabilities are naturally cheaper to install, coming in between £4,500 and £5,500. Meanwhile, more capable systems for larger homes may reach £5,000-£6,000.

How Much Can Solar Panels Save?

However, this money is naturally recouped over time. Every electricity bill you avoid is another bill’s worth towards the initial value of the panels, and return on investment can come in as little as 18 months for some households. This is without considering the potential of the Smart Export Guarantee (SEG), which can see you earn money back for supplying excess power to the grid.

Do Solar Panels Increase The Value Of My Home

Solar panels are a glimpse at the future of home power, and a highly valuable addition to any home. However, they are constantly being improved, and a system installed today may not be as sought-after in 5 years. Right now, you can expect solar panels to increase the value of a home by a maximum of nearly 7%, in cases where significant alterations and installations have been made.

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