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Produce your own electricity by using PV!!

Is it a cost-effective solution?

The biggest question on people mind is that how much it is going to cost to have solar panels on the roof? Well, the answer is, it depends like any other thing that what quality are you going for? A domestic property can have up to 4kW and costs between £4500-£7500. There are a few factors which affect the cost includes the number of panels and their brand.

Savings on your bill

The Energy Saving Trust estimates that a typical system can knock around £70 from a family’s bills each year. Savings vary with geographical location, direction your roof faces and other factors, including lifestyle. The more you use household appliances during the day, for example washing machine, dishwasher and tumble-dryer, the more you are likely to save as you’ll need less energy from the National Grid. The Energy Saving Trust has produced a useful solar energy calculator to help you work out savings http://www.pvfitcalculator.energysavingtrust.org.uk/

Payments for electricity generated

Under government’s Feed in Tariff scheme people will receive payments for all the energy their solar panels generate whether they use it or not. That is tax free, inflation linked income guaranteed for 20 years. However, the rate is set to reduce by 3.5 per cent every quarter, so amount you receive depends upon the time when you install the panels. From April to June 2018, the highest rate for a small household system is 4.01p per kilowatt hour (kWh) of electricity generated. Before the rates were slashed in February 2016, homeowners could get 12.03/kWh.

Return on investment

The homeowners will also receive another payment for the electricity they don’t use but sell back to the national grid. For example, those with systems of 4kW or less (the size of most domestic systems) will receive an export tariff of 5.24p per kW hour. However, anyone installing panels must check their home has at least a grade D Energy Performance Certificate (EPC) energy efficiency rating or they won’t qualify for the higher feed-in rates.

Do the sums add up?

In August 2017, the Energy Savings Trust reckoned the average saving and/or earnings across all areas of the UK was around £300 per year. This earning may depend on a few factors including how many panels you can fit on your roof, whether they are south-facing and how much of the energy generated you can use during the daytime. Based on rates published by the Energy Savings Trust in August 2017, it would take 20.3 years to break even for a £6,500 system (London), whereas it would take 21.3 years in Abe Ystwyth, 22.4 years in Manchester and 23.2 years in Stirling. Figures will vary due to individual circumstances.

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