Solar panels have been around for many years now and more people are getting them installed on their homes. However, it is still debatable whether they are worth the money. As the years go by, technology improves and that is the same with solar panels.
Although people still do not know whether or not solar panels are worth the money. Here, we will discuss the pros and cons of solar panels that will help you decide.
Solar Panels: Return on Investment
When solar panels originally came out. Many people decided that this would be the best way for energy efficiency. However, it soon became apparent that you would need to have the solar panels for 15 + years before your actuary gets your money’s worth. Soon, they were not acknowledged as the saviour for global warming. Nonetheless, things seem to be changing with the price of solar panels.
Originally, when they were first released in the UK, they were around £6,000 and now they are under £5,000. Although that isn’t a big price drop, that price drop means that you will get your money’s worth in fewer years.
In 2020, an energy export scheme was launched. This allowed households to get paid for the energy they do not use. That then gets put back into the national energy grid. When it was first launched, it used to pay people even though they used the energy. Although it has changed compared to when the scheme was first launched.
The Money Generated Can Help Save Money
Money generated could save up to £310 a year on your bills. Depending on how much sun you get throughout the year as well as how much electricity you use. It also depends on the size of the system e.g. how many panels you have on the roof.
Another thing that should be mentioned with the money generated is that you will need a smart meter. This is so the meter can record the amount of electricity you have generated and put it into the national grid.
How Long Does It Take To Get Your Money’s Worth?
You will be pleased to know that it takes a lot less time to earn your money back. Based on the numbers that the energy-saving trust has provided, It can take a house at least 11 years to get its money’s worth. Again, it depends on how much energy is used and how much sun you get throughout the year.
The further south you live in the UK, the more daylight you receive. Meaning your solar panels will produce more energy throughout the year. Compared to a household in the north of the UK. Quotes can vary for solar panels depending on your location. You need to have multiple quotes for you to get the best solar panels that you possibly can.
Things To Consider Before Purchasing Solar Panels
Solar panels are expensive so, one thing that you don’t do is buy them without research. There are many factors that you have got to consider before buying. For starters, not all homes are made suitable for solar panels. If your house is not south facing on one side, you won’t generate much electricity. Yes, it will get sunlight. However, it will be far less effective compared to other solar panels.
At certain parts of the day, the solar panels should be in direct sunlight. This will be between the hours of 10 AM to 4 PM. Another thing to mention is that you need plenty of space on the roof and in good condition. One positive about having solar panels installed on your home is that you do not need to have planning permission. However, there are some exceptions. If your house has a flat roof. Is listed for sale/ rent or in a conservation area.
If you are planning to live at your home for a very long time, then getting solar panels will be great for you. However, if your home is temporary, solar panels will not be for you as you will not get your money’s worth.
Another thing that many people assume is when their people sell their homes early in the hope to get their money back. That is not always the case and, sometimes it can knock the value of the house down. If you are looking to buy solar panels to add value to your home then don’t.
There are many positives and many negatives when it comes to buying solar panels. If you are going to live at a house for longer than 15 years and it gets plenty of sunlight all year round. Then it will be a great purchase for you in the long run. However, if you are only going to be at your home for the next 5-10 years then avoid buying them.