Firstly, let’s demystify the process of how solar panels make homeowners money.
When the sun is out, including on a cloudy day, the solar panels that sit on your roof - located at the point that sees the most daylight hours and facing south - absorb the energy and converts it into AC electricity. The brighter the sunlight, the greater the amount of energy that gets produced.
The electricity you then use comes out of your reserves and because you created it, you don’t have to pay anybody for its use – great news when you consider that the price of electricity is set to double by 2020.
More good news - if you generate more electricity than your home requires, the excess is automatically fed into the national grid, which earns you an additional income.
As you read this blog, it is a particularly good time to install solar panels because the British government have been targeted with generating 20% of its energy from renewable resources by the year 2020 due to an existing agreement with the EU. Therefore, if you help them achieve this, which you essentially will if you purchase solar panels, you will be paid a set fee for every kilowatt hour (kWh) that you generate.
What’s more, solar panels typically increase the value of a property by £16,000, so even if you decide to move house after installing the technology, you won’t be missing out.
There are currently around 625,000 homes that have installed solar panels in the UK, amounting to 2.5 gigawatts of power, and they are saving people more money and energy than ever before – up to £40,000 over the space of 25-years.
Not every home stands to benefit from solar panels, but upon contacting a solar panel supplier they will run a full survey on your property and use advanced data systems to inform you how much energy you can expect to generate over the course of a year. If the number is high enough, they will provide you with payment options and you can accept or decline the investment.
On average, a solar panel system costs around £7,000 for your home. Therefore, when you compare that to how much annual revenue you are expected to make, you will see exactly how soon you can expect to pay the investment off – all the while knowing you are living a much “greener” lifestyle.