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How Much Money Do Solar Panels Save?

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Solar panel systems can save you money as well as energy. But have you ever wondered exactly how much money you’ll save? Well, you’re not alone! In this blog we’re going to shed light on the financial benefits of going solar.

Key Takeaways

Now, let’s get one thing straight: the amount of money you can save with solar panels isn’t a one-size-fits-all answer. An average 3-bed house in the UK can save up to 70% on its energy bills, letting people break even on the cost in roughly 10 to 15 years.

However, it entirely depends on the size of your specific solar system and the amount of energy you use. But don’t let that deter you! There are general costs and savings that are applicable to all solar setups, helping you figure out if this long term investment is for you.

The Cost of Solar Panels

Solar panels have revolutionised the way we harness energy from the sun, providing a clean and renewable alternative to traditional sources of electricity. As the demand for solar energy continues to increase, many are curious about the cost of installing solar panels.

Upfront Cost of Solar Panels

When considering the purchase of rooftop solar panels, upfront costs are one of the most important things to think about. These costs typically include the price of the solar panels, installation fees, and any additional equipment such as solar inverters that may be required for the installation.

To ensure that you get the best deal within budget, it is important to get multiple quotes from different solar installers. By doing this, you can compare prices, services, and the quality of the solar panels being offered. It also provides an opportunity to ask questions about the installation process, warranties, and any ongoing maintenance or monitoring services that may be included.

Asking questions to the solar installer helps make sure you have a comprehensive understanding of the upfront costs and means you can find the offer that best suits your individual needs.

Installation Cost of Solar Panels

The cost of installing solar panels can vary depending on several factors, such as:

  • The size of the solar system
  • The type of solar panel
  • The accessibility of the roof

In the UK, solar system installations can cost anywhere between £5,000 and £11,000. These numbers are big, but there is help out there to make solar systems more accessible. These include the ECO 4 Solar Panel Grant and the Green Deal.

Maintenance Cost of Solar Panels

Solar system maintenance costs can vary depending on several factors such as the complexity of the system, equipment lifespan, and necessary upgrades.

Regular maintenance expenses typically include routine check-ups, inspections, and minor repairs. These costs are essential to identify any potential issues before they turn into major problems.

Neglecting regular maintenance can result in more significant repairs and replacements, ultimately leading to higher costs.

Additionally, repairs are a common occurrence in any system, and their costs can vary. More complex systems often require specialised technicians or expensive spare parts, which can significantly increase repair costs. On the other hand, simpler systems are often easier and less expensive to repair.

Potential Savings with Solar Panels

Beyond the environmental benefits, one of the most significant advantages of solar panels is the potential for substantial savings.

Saving on Energy Bills

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, allowing homeowners to rely less on the grid and consequently save on energy costs.
  • Energy usage – The less energy consumed, the lower the electricity bills will be.
  • Local electricity costs – Some regions have higher electricity rates than others, meaning that the cost savings from using solar power will vary depending on the location.

While solar panel installations require an initial investment, it is crucial to consider long-term home ownership to recoup this investment. It typically takes several years to recover the upfront costs of installing solar panels.

Therefore, homeowners who plan to stay in their home for a significant period of time will benefit the most from the long-term savings on energy bills that solar power offers.

Excess Energy and Selling Back to the Grid

Solar energy systems allow customers to generate more electricity than they consume. This energy can then be sold back to the grid.

By selling back this surplus energy, customers can effectively become mini power producers. This means that instead of consuming all the electricity generated by their solar panels, they can export any excess energy back to the grid for others to use.

This process is commonly known as feed-in tariffs schemes.

There are many advantages of selling excess solar energy back to the grid. Firstly, it allows customers to enjoy potential financial savings by offsetting their energy bills. When customers generate more electricity than they need, they can receive a credit or payment from their utility company for the excess energy they have contributed to the grid. This can significantly reduce or even eliminate electric bills, providing a tangible financial benefit.

Save Money and Go Solar With Grant Store

Whether you’re a homeowner looking to reduce your carbon footprint, or a landlord wanting to save some money, solar installations are a long term investment that are guaranteed to pay off. As long as you’re planning on staying in the same property for a few years, you can chip away at your energy bills and do your bit for the environment in one go. You can always make further savings by taking advantage of the latest available solar grants.

Got some questions? No problem – your friendly team is always on hand to help. Give us a call today and we can help you on your way to a sustainable future.