Energy prices are soaring right now and this, combined with the increased cost of living, is making it hard for many households. It is understandable then that some are looking to solar panel installation as a way to protect themselves and save money. So, are solar panels really worth the investment? Read on to find out.
The Energy Price Hike
First, you need to consider the energy price hike. Households have already seen an enormous rise in their energy bills as a result of various factors, including the Russian invasion of Ukraine and a particularly cold winter in Europe. It is predicted that prices will continue to rise until the end of 2023, so switching to solar panels could be a smart way to protect yourself against rising costs by generating your own electricity.
Financial Considerations
It is true that solar panel installation can be expensive, but you must view solar power as a long-term investment. Homes in the UK can save on average £405 on their electricity bill and these systems often pay for themselves after a few years. After this, you will be able to create your own electricity for free for many years (these systems often last around 30 years).
Not only this, but you can also sell any unused electricity that you generate back to the grid with the Smart Export Guarantee (SEG), which could earn you around £110 a year. When this is combined with the fact that you are protected against rising energy costs, you can see that solar panels are a smart financial investment provided that you will be staying put at home for the foreseeable future.
What to Consider
So, what do you need to consider before getting solar panels installed? You will need to work out roughly how much electricity your home generates so that you can work out how many panels you need – one panel processes around 250W of power. You also need to think about the position of your home and if shading will be an issue. You can talk to a solar panel installation company about the best way to place panels so that you can create as much electricity as possible. You will also want to make sure that you use lead-free flashing when having solar panels installed on the roof to prevent water issues.
Now could be the perfect time to switch to solar power with the cost of energy rising and showing no sign of coming back down anytime soon. Solar panels could save you a huge amount over the long term, but it is a major decision and one that you need to carefully consider to ensure that it is right for you.
