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How Much Money Do Solar Panels Save?

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With solar energy growing in popularity all across the UK, one big question remains: How much money do solar panels save?

Here’s the thing: the amount of money you can save with solar panels isn’t a one-size-fits-all answer. It entirely depends on the size of your specific solar system and the amount of energy you use.

Thankfully, general costs and savings apply to all solar setups, which can help you figure out if this long-term investment is right for you.

How much do solar panels cost in the UK?

The cost of solar panels in the UK can be split into two main categories:

The upfront cost of solar panels

The upfront cost of solar panels is usually the main thing people think about when considering a solar installation. This price is influenced by things like:

  • The size of your solar system
  • How many panels you need
  • The type of panel you choose
  • Any additional equipment, like inverters, meters, and batteries

The cost of installing solar panels is often included in this upfront price and also depends on things like the size of your system and the accessibility of your roof.

In the UK, domestic solar system installations generally start at around £5,000. Don’t worry if this seems too high at first glance – there are government grants available, like the ECO4 scheme, that can make solar systems more accessible and affordable for all.

Not sure if you’re eligible? Give our team a call, and we’ll help you figure everything out.

The maintenance cost of solar panels

Like the upfront costs, solar system maintenance costs can vary depending on the complexity of the system, equipment lifespan, and any necessary upgrades. But do solar panels need a lot of maintenance? Generally, no – solar panels are designed to be low maintenance.

Regular maintenance expenses typically include routine check-ups, inspections, and minor repairs. It’s important not to overlook these costs, as they can help you spot potential issues before they become major problems.

How much do you save by having solar panels?

So, now you have a rough idea of the costs surrounding solar panels, how much can you expect to save?

Energy bill savings

There are several important factors that contribute to saving on energy bills:

  • The size of the solar system – A larger solar system will produce more electricity, letting you rely less on the grid and save on energy costs.
  • Energy usage – If you’re a small household using lower amounts of energy, you can be more reliant on solar energy, leaving you with lower bills.
  • Local electricity costs – Some areas have higher electricity rates than others, so the cost savings from solar power can vary depending on the location.

It typically takes several years to recover the upfront costs of installing solar panels. What does this mean for you?

If you plan to leave your home within the next few years, a solar installation may not be the best choice. But, if you are staying in your current property, you will benefit the most from the long-term savings on energy bills that solar power offers.

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Is it worth selling electricity back to the grid?

Sometimes, solar energy systems can generate more electricity than you need. This energy can then be sold back to the grid, giving you another stream of passive income. By selling back this surplus energy, you can effectively become a mini-power producer.

This process is commonly known as feed-in tariff schemes. The amount you get for your excess energy varies depending on your energy provider, so it might be a good idea to shop around for the best rates.

Save money and go solar with Grant Store

Whether you’re a homeowner looking to reduce your electricity costs, or a landlord wanting to give your rentals a boost, solar installations are a long-term investment that is guaranteed to pay off.

If you plan on staying in the same property for a few years, you can reduce your energy bills and do your bit for the environment in one go. Try out our free solar savings calculator to see how much money you could save with a solar installation.

Are you not sure where to start or need help figuring out the funding? You’re in the right place. For over 50 years, we’ve been helping people apply for funding and installing solar systems across the UK. Give us a call today, and we can help you on your way to a sustainable future.

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Not sure which energy-saving solution is right for your home? Or do you have questions about grant eligibility? Our team has the answers. Give us a call and we'll help you figure everything out.

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