Are solar panels still a good investment in 2018?
Wondering if solar panels are worth the investment? Will they pay off and even earn you money in the future? Let’s look at the most important factors that might affect your returns on this green investment.
Energy prices have been consistently rising since the 35% spike in 2008 and the forecasts are not promising to slow-down in the future. With the prognosis for future costs on energy prices taking a bleak turn, the best way to save money and reduce your bills is to consider energy alternatives and improve your home’s energy efficiency. Your current electricity bill will play the main role in determining whether solar panels are worth it for you. Homeowners with high electricity rates are the ones who would benefit most from installing a PV solar system in their home.
Inflation is another factor to consider. Electricity prices are largely affected by the swings in inflation. The increasing costs that energy providers experience due to rising inflation are typically passed on to consumers. Homeowners who go solar can avoid sudden spikes in energy rates and have a much better idea of what they can expect to pay.
Important: It has been recently announced that the feed-in tariff is scheduled for close in April, 2019, as the government is preparing to introduce a new levy framework. The FIT scheme pays people who produce renewable energy at home and offers extra payments when they generate surplus clean electricity. This means that 2018 is the last year homeowners can reap the benefits from this scheme, so it’s definitely worth investing now rather than later!
The cost of installing solar panels
Thanks to the increasing popularity of solar panels and introduction of the FIT scheme, the installation cost for solar panels has been falling swiftly. This means the risks associated with investing in solar systems are shrinking. It’s reasonable to assume that this trend will continue, further reducing the costs of decking out your roof with solar panels. What’s more, PV solar systems are pretty much maintenance-free, meaning you won’t need to worry about cleaning or any other maintenance checks. Once installed, they should last for at least 25 years.
How can you maximize the value of PV solar panels?
One effective way to squeeze more value from your investment in solar panels is by adding battery storage to your solar PV system. Battery storage offers numerous benefits, but the most notable one is the possibility to slash your energy bill.
The thing homeowners love most about battery storage for PV is that it allows storage of unused solar electricity within the battery. Instead of exporting all your free excess electricity back to the grid, you store it in your battery and can use it when you need it. In this way you reduce the amount of electricity you must buy from the gird and save money on your bills. Energy experts have already recognised the potential of energy-saving batteries (cue the government’s investment of £246 million into battery technology), so it won’t be long until battery storage installation goes hand in hand with solar panels.
Use our free estimator and receive a personalised quote which allows you to find out how much you could save by generating your own renewable electricity and check out some useful tips on how to improve your home and save money on your energy bills.