How Much Do Solar Panels Cost?
Solar panels cost between ₤350- ₤500 each but can vary depending on the size and type of system.
Among the most common domestic sizes is a 4kW solar panel system, which costs around ₤ 6,000 and will cover around 29 square metres of your roof.
With developments in solar power innovation, the cost of photovoltaic panels has actually fallen dramatically over the last couple of years.
In the table listed below, you can see the breakdown of average prices of solar panels, the roof space they require, the average savings on your electrical energy bills, and the savings you can anticipate after 20 years.
Cost of Solar Panels in the UK
| System Size | Estimated Costs | Panels | Roof Space | Electricity Bill Savings Per Annum | Savings after 25 Years with SEG |
|---|---|---|---|---|---|
| 3kW panel system | £5,000 – £6,000 | 12 | 22 m² | £160 | £5,993 |
| 4kW panel system | £6,000 – £8,000 | 16 | 29 m² | £270 | £9,240 |
| 5kW panel system | £7,000 – £9,000 | 20 | 32 m² | £320 | £11,088 |
| 6kW panel system | £8,000 – £10,000 | 24 | 43 m² | £430 | £14,533 |
Typically, the more electrical energy your system can produce, the higher the initial setup expenses will be. Nevertheless, the savings will likewise be higher in the long-run. For example, a 3kW system will be cheaper to set up, however, you will not be able to make as much as you might with a 6kW system over the course of 25 years.
How Much Do You Save with Solar Panels?
You can reduce your electricity expenses by using solar panels. The electrical power that you use when your panels are active is totally complimentary, and can lead to annual cost savings of ₤ 160- ₤ 430, however obviously can differ from family to family.
Overall, just how much you can save with photovoltaic panels will depend on a few factors.
- Your household electricity usage.
If you use your devices throughout the day when your panels are active. - How effective your kind of photovoltaic panel is.
- If you produce earnings from solar panel financing schemes.
- You can increase the cost savings on your costs by using your devices (washing machine, dishwasher, and so on) throughout the day when your photovoltaic panels are active. Those small changes can lead to big cost savings on energy expense.
In addition, how effective your photovoltaic panels are will likewise play a part in how much you can save. Monocrystalline panels are more efficient (but also more costly), while polycrystalline panels are less effective (but cheaper). The more efficient your system is, the more electricity it can create in a given time.
Decrease Solar Panel Costs UK with SEG Payments
In the UK, you can lower your solar panel costs even more by using solar panel grants, like the Smart Export Guarantee (SEG). Through the SEG, you can make money for exporting solar power that your panels have generated back to the national grid.
SEG EXPORT TARIFF
The tariffs for exported solar energy can vary from supplier to provider, but a good rate is 4-6p/ kWh.
If you have a 3kW system installed, you can make ₤75 per year through the SEG. With a 4kW system, you can anticipate yearly profits of ₤100, and with a 5kW system, you can make ₤120 each year.
Before the SEG entered into play, the Feed-in Tariff (FIT) was the main photovoltaic panel grant available. Those that are already signed up under the FIT can continue to receive payments, but the FIT ended in 2019, and no new applications are being accepted.
How Long Do Solar Panels Take to Pay For Themselves?
Depending upon the size of your solar panel system and the export tariff, your solar panels can be paid off after 15-25 years. A bigger system is more pricey, however, it can create more electricity and, therefore, can bring you more savings in the long-run.
A 5kW photovoltaic panel system can break even after 15-20 years, while a 3kW system can take 21-25 years to break even.
Is Solar Panels Worth It?
Photovoltaic panel expenses can be high, to begin with, but the cash you save in the long run makes it rewarding to set up solar panels in your home. You can secure free electrical energy with photovoltaic panels, which can significantly reduce your utility bills.
By registering for savings plans like the SEG, you can even make money for the extra energy your panels produce.
Therefore, although the installation expense of photovoltaic panels might seem a little high, the savings make it worth it. Not only will you be lowering your electricity expenses, but you will likewise lower your carbon footprint. Check our solar panels services.
