A solar panel installation has become one of the most popular sustainable energy installations in the UK and around the world, and what makes it even more popular is its increasing affordability. Today, the average UK homeowner can choose to have a 3kW or 4kW system for only £6,000, and while this is still a considerable sum, the system more than pays for itself in the end. But a system is only worth it if it is efficient, and this is where a few key factors come in. You may also have questions regarding its effectiveness in reducing your electric bills, and how you can make sure that the system you choose is good enough. Here, then, are quick facts and figures about solar panel installations: what you should know.
Their cost and your savings
The standard domestic installation could be from £5000 to £10,000. But the overall cost will also depend on the number of solar panels you require, which is, in turn, based on your consumption of energy. In general, more expensive systems will have a higher output, therefore bringing you more savings. For example, if you opt for a 3kW system, this can cost from £5000 to £6000, and it can bring you annual savings of £160 on your electric bill. A 4kW system can cost from £6000 to £8000 and bring you savings of up to £270 per year.
Are they a worthy investment?
Solar panel systems, especially solar panels in Manchester from Atlantic Renewables, are definitely worth the investment, especially if you factor in your potential earnings with the SEG or Smart Export Guarantee (where you can sell your surplus energy to the grid). A solar panel will often have a lifespan of around 25 years, on average, and most manufacturers can also provide warranties of between 10 and 25 years. If you bear in mind the expense, your savings, and your potential earnings from SEG, your investment can break even during its lifespan.
Let’s delve into it further: if you go for a 3kW solar installation, you should break even in 21 to 25 years. If you choose to have a 4kW installation, you may be able to break even in just 16 to 22 years.
Savings on electric bills
The savings you can get on your electric bills can also be quite substantial. But did you know that the amount you can potentially save will also depend on where you are located? If you are located in London, you may be able to save around £100 to £270 every year on your electric bills. If you are in another area such as Manchester, your savings can be from £90 to £230 every year, as confirmed by experts in solar panels in Manchester such as https://www.atlanticrenewables.co.uk.
Your property’s value
According to experts in solar panels in Manchester, some property owners also have a good question regarding solar panel systems and the value of their property. The quick answer to this is that solar panel systems can enhance and increase property value because they can make a home much more efficient. This kind of home improvement is appealing to property buyers since the new home’s owners can also benefit from reduced electricity bills.
With a solar panel installation, the benefits are obvious. But the facts and figures matter as well, so do your research so you can more carefully assess its value to you.