Why solar panels in the now make more financial sense than ever before (and grants available)
While the energy crisis has certainly had its negative impacts on society, the reality is that since the recent surges in energy prices, installing solar panels now makes more financial sense than ever before.
This is certainly welcome news as recent data indicates that searches and enquiries for solar array installations has increased by more than 300% as more people look to escape reliance on the grid and volatile gas prices.
If you run a small or medium sized business, it’s also very welcome news, especially since business haven’t received as much government protection in the form of the energy price cap.
When electricity costs 24p per kWh, solar panels could cut your electricity bill by £274 between October 2022 and April 2023 alone.
These numbers mean that the time to pay off the cost of a new solar array installation has been slashed by almost 50% to just below 10 years.
If you want to make your money back faster, households can also utilise the Smart Export Guarantee (SEG).
The SEG allows homes to sell the energy you generate back to the grid and depending on the supplier you choose you could sell it at 7.5p for every kilowatt hour (kWh).
If you also use a solar battery, you could save even more, in fact, without one around 50% is returned to the National Grid.
According to Heatable.co.uk means that if households install both a solar batter and battery system, they could save as much as £744 a year for the average sized home (that’s the £514 from the energy generation itself and £230 in SEG revenues you’ll generate for the year).
Rishi Sunaks decision to scrap VAT on renewable appliances like solar panels is another new change that makes them even more appealing.
In fact, as of April 2022, households throughout the UK with solar panel installations can take advantage of 0% VAT on the installation and supplies needed to fit a solar panel array.
Solar for business conclusion
To conclude, it’s clear that due to surging energy costs, solar is now a more viable than ever before.
Over a decade ago, solar was limited by inefficient solar panel design and the inability to store and use the energy generated outside of daylight hours, but that’s no the longer the case.
In fact, you can now buy and install a solar array that has efficiency exceeding 20% and make use of a solar batter that allows you to charge your electric vehicle and use the energy throughout the entire day, including at night.