As the world shifts towards renewable energy, many homeowners are considering solar panels as a way to reduce their energy bills and contribute to a greener planet. However, one of the most common questions that arise is about the costs of solar panels. Understanding what to expect in terms of pricing can help you make an informed decision about whether solar energy is right for you. Let’s start with discussing the factors that affect the cost of solar panels.
Factors Influencing Solar Panel Costs
The cost of solar panels can vary significantly based on several factors. Generally, the price is determined by the system’s size, the type of panels used, installation costs, and any additional equipment required, such as inverters or batteries. According to the Energy Saving Trust, on average, a UK homeowner can expect to pay around £7,000 for a 3.5 kWp domestic solar panel system. Whereas, the cost of a ground-mounted solar panel can be harder to predict as there are multiple, bespoke factors to consider. Such as the type of mounting frame or how far away the solar panel will be installed from your house.
- System Size
The size of your solar panel system is one of the most significant factors affecting the overall cost. A larger system will naturally cost more, but it can also generate more electricity, potentially leading to greater savings on your energy bills. For instance, a 10-kilowatt solar panel system might cost around £10,000, but this can vary based on your location and the specifics of your setup.
- Type of Panels
There are different types of solar panels available, each with its price point. Monocrystalline solar panels tend to be more efficient and have a longer lifespan, but they also come with a higher price tag. Whereas polycrystalline solar panels are generally less expensive, though they may not perform as well as monocrystalline solar panels in low-light conditions. We will discuss these in another guide, but choosing the correct type of panel for your needs can impact both your initial investment and long-term savings. Though if you need help deciding between the two, experts at Green Light Electrical are always on hand to guide you in the right direction. Get in touch with us!
- Additional Equipment
In addition to the solar panels themselves, you may need to invest in other equipment, such as inverters, batteries, or mounting systems. Inverters convert the direct current (DC) electricity generated by the panels into alternating current (AC) electricity, which is the type of electricity your home uses. Whereas, solar batteries can store excess energy for use during cloudy days or at night. The benefit is that any excess energy that you might not need, you will be able to sell it to National Grid and make a profit.
Financial Incentives for Solar Energy
One of the most appealing aspects of solar energy is the potential for financial incentives. Many governments, including UK, offer tax credits, rebates, and other incentives to encourage homeowners to invest in solar energy. In the UK, the Smart Export Guarantee (SEG) allows homeowners to sell excess energy back to the grid, providing an additional source of income.
These incentives can significantly reduce the upfront costs of solar panel installation, making it a more affordable option for many homeowners. It’s worth researching what incentives are available in your area to maximise your savings.
Long-Term Financial Benefits
While the initial investment in solar panels can be substantial, the long-term savings can be significant. Homeowners can save thousands on their energy bills over the lifespan of their solar panels, which typically ranges from 25 to 30 years. In fact, many homeowners report savings of around £48,000 over 25 years after installing solar panels. Though the accurate number of your savings will depend on your electricity usage.
Additionally, homes equipped with solar panels often sell for more and can sell faster than those without. This added value can make solar panels a wise investment for homeowners looking to enhance their property’s appeal.
Solar Panel Maintenance and Upkeep
Once your solar panels are in place, they require minimal maintenance. Regular cleaning can help improve energy production, especially if you live in an area with a lot of dust or pollen. It’s also a good idea to have your system inspected periodically to ensure everything is functioning correctly. Luckily, at Green Light Electrical, we offer solar panel maintenance, repair and cleaning services for homeowners across the New Forest & Hampshire. So you can always consult with professionals like us.
It is also helpful to note that solar panels are designed to be durable and have a lifespan of several decades. However, the expertise of your chosen installation team will also affect their lifespan. When not correctly installed, solar panels are prone to damage from weather and wear and tear over time. The good news is that Green Light Electrical takes extra care during installations and has decades of experience, allowing New Forest homeowners to maintain their solar panels with minimal upkeep to keep them in top shape.
Take the Next Step Towards Solar Energy
Investing in solar panels can be a significant decision, but understanding the costs involved can help you make an informed choice. From the initial investment to long-term savings and potential financial incentives, there are many factors to consider.
If you’re considering making the switch to solar energy, we encourage you to explore your options using our free online quoting tool. Here at Green Light Electrical, we’re ready to assist you in navigating the world of solar energy and finding the best solution for your home. Contact our friendly team today to receive a personalised quote and discuss your solar energy options. We’d love to hear from you!
