The cost of living crisis is affecting every area of our lives, from food prices and interest rates to how much we pay for energy. With this in mind, many homeowners are considering ways to reduce their household bills.
Solar panels are just one energy alternative that is becoming increasingly popular. In 2020, one study found that 970,000 households in the UK have already invested in solar panels, reducing the lifetime cost of their energy bills and making their home more sustainable.
All that said, there’s no denying that solar panels are a costly investment. Are they worth it?
The Benefits of Solar Panels
The primary benefit of fitting solar panels is undoubtedly their sustainability. They will help your household move away from fossil fuels and reduce your carbon footprint.
Solar panels will also reduce your reliance on the National Grid. With more and more people leaning toward advanced technology and electric cars increasing in popularity, there is some concern about the grid’s ability to cope with increased demand. Solar panels reduce the demand on the grid, meaning fewer chances of outages.
Finally, solar panels can reduce your energy spending in the long term. Though it’ll take you a few years to recoup your investment, you could make a profit.
To find out exactly how much money you could save by purchasing solar panels, let’s look at their cost.
How Much Do Solar Panels Cost?
The upfront cost of solar panels will depend on the size of your house, including your roof size and the number of bedrooms. On average, solar panels typically cost between £2,900 and £6,700.
There’s no doubt that solar panels are a significant financial investment. However, the good news is that they are becoming less expensive every year. In fact, since 2010, the cost of solar panels has dropped 88%. Experts predict a continued reduction by another 15% to 20% over the next ten years.
Despite that upfront cost however, you’ll save money in the long term. Factoring in the money you’ll save not using electricity from the National Grid, households that install solar panels today will break even in just 10.2 years.
So, considering both the environmental benefits and the lifetime cost savings, solar panels are definitely worth the investment.
How We Can Help
We are a leading Suffolk building company specialising in sustainability. We help groups including developers and private homeowners make their builds more environmentally friendly and assist with installing features like thermal insulation and solar panels.
As well as managing your project, we can advise you on the different sustainable energy options that are available and how you might fund these.
Are you interested in starting a sustainable building project? Don’t hesitate to get in touch with us. Give us a call on 01473 735317 or email info@charlesclarke.co.uk for more information on how we can help.
