Last updated on February 16th, 2019 at 05:43 pm
Investing in PV solar panels (photovoltaic) can be daunting for many homeowners, but Stuart Lovatt, the founder of Power My Home, explains why an investment in solar technology is a positive thing.
The financial benefits of installing PV solar panel technology in homes and commercial premises across the United Kingdom are currently the primary appeal to many when considering this home improvement investment.
Only around 10% of customers are installing for environmental reasons, with the rest installing because of rising energy costs.
Most people look at PV solar panels at a domestic level because they are only getting two or three percent interest on an average ISA or a bank savings account.
The same money spent on a PV solar panels can get the equivalent of between 8-15 percent with the feed-in tariffs scheme and savings on fuel bills that the PV array would generate.
Most solar investments should be paid off in about seven to ten years, thanks to the Governments feed-in tariffs, currently paid at a rate of 15.44 pence per kW generated. This scheme will give the average homeowner up to 15 years of free power and income too.
No-one will get such a good return for their money when buying a new car, so instead of spending £10,000-£15,000 on a new car, maybe this year you should consider the benefits of a solar panel installation instead.
The financial returns on solar panels, especially PV electric panels, are so good that the feed-in tariff scheme was recently refined to exclude the larger-scale solar farms, which city investors were planning to build to take advantage of the financial benefits.
This approach would have financially drained the scheme, which primarily meant for householders only, but the feed-in tariffs are now protected from domestic and small-scale commercial use only.
Although financial reasons are the driving force, the additional environmental benefits will give you a satisfactory smile once the system is operational.
If we look back over the last decade, we see that both gas and coal prices have more than doubled since then, with steeper price hikes in the offing. British Gas and Scottish Power have increased their gas and electricity prices by a whopping 18% and 16% respectively. The realisation that we will all be paying premium prices for our everyday energy means the initial financial outlay for solar panels will seem less of an issue each year as an energy price increase further.
However, if you are one of those people who think, “Yes, but we live in the UK, so solar panels cannot work properly in our climate”, please consider this. Sweden, which is a country on more northern latitudes than the United Kingdom, has a healthy solar panel industry too.
PV solar panels will help the economic recovery
Photovoltaic solar panels are the fastest growing technology in the world at the moment, just because they are clean, reliable and are a readily available alternative to expensive fossil fuels.
I am delighted that solar has finally come of age, with improved technology, and improved accreditation’s for solar installers, such as the MCS and REAL schemes, which give people assurance and peace of mind.
Feedback from those who have already had solar panels installed is always positive.
For anyone seriously considering a solar heating or a PV installation, we can provide you with free quotes from trusted MCS solar panel installers, both local and nationwide.