Are solar panels worth it? NXTGE...
Installing solar panels can significantly reduce electricity bills, with prices dropping in recent years.
Solar panels are a good investment for those with the space, daytime electricity usage & a south-facing roof.
Consider financing options carefully, as borrowing can be expensive; paying outright provides better returns.
Solar batteries store energy for evening use but are costly; evaluate if selling energy to the grid is better.
If you’re tired of the rising costs of your electricity bills and have space on your roof or in your garden, installing solar panels could significantly reduce your expenses. Here’s what you need to know:
Declining Solar Panel Prices, Rising Savings
Solar panel prices have decreased by 82% in recent years according to some reports, while electricity prices in the UK have soared and are continuing to go up every year, making solar panels a smart investment for many families. Although scaffolding and labour costs have increased, solar energy remains a cost-effective solution to lower your electricity bills.
Are Solar Panels Worth It?
If you have the roof space or a lot of garden space, use a lot of electricity during the day like for working from home, own your home (renters need their landlords permission to install solar), plan on staying there, and are willing to do a little research, then yes, solar panels are likely a good investment. The return on investment (ROI) can take up to 13 years, but factors such as a south-facing roof, southern location, paying upfront with savings, and daytime power usage can reduce this time frame to between 5-7 years in some cases. Solar panels can last for up to 30 years making solar a long-term investment.
How to Get Started
- Assess Your Available Roof Space: Ensure you have enough roof space. A typical 3-bedroom home in the UK needs between 10-12 solar panels, which requires between 20-24 square meters of available roof space.
- Optimal Sunlight Conditions: Ideally, your roof should be south-facing as much as possible and be free from shade from nearby trees or other houses or buildings. Use our calculator to estimate potential savings.
- Get At Least Three Quotes: Obtain 3 quotes from reputable solar panel installers that are MCS Certified for Solar PV and Battery Storage if you are having solar batteries installed, like NXTGEN Energy, and compare different models based on lifespan, efficiency, power output, and guarantees.
- Ground-Mounting Option: If your roof space is insufficient, consider ground-mounting solar panels in your garden if its large and flat or on land if you own some land, which can be more cost-effective but may reduce land usability and be more prone to damage in some instances.
Financing Options
- Borrowing: While borrowing through solar installers can be expensive (with interest rates up to 12.9%), NXTGEN Energy has an available finance option from 9.9% over 3-years with Ideal4Finance, but paying outright for your solar panel system can yield quicker returns.
- Paying With Credit Cards: Using a credit card for part of the payment can provide better consumer protections, but be sure to pay off the bill promptly to avoid the high interest rates of your credit card company.
- Alternative Loans: Consider cheaper loans available from banks and other high street lenders, but make sure you do your research on interest rates and compound interest so that you don’t pay more than you should for your system.
Battery Storage
Solar batteries can store solar energy for use during the evening and when you have power cuts, but they can be costly and may not last as long (normally between 7-10 years) as your solar panels which last between 25-30 years on average. Evaluate whether getting off the National Grid supply with batteries is worth the investment or if selling your unused energy back to the National Grid through the Smart Export Guarantee (SEG) Scheme is a better option.
Final Thoughts
Solar panels can offer you and your family a sustainable and potentially cost-saving solution for high energy bills for many households. For personalised advice and to explore solar panel options, Contact Us today. Take control of your energy costs and invest in a greener future.
