With the cost of solar panels dropping every year; homeowners across the country are asking whether or not solar panels are right for them. Solar panels can provide homeowners with many benefits, such as increased home equity, but they aren’t right for everyone.
In this blog post; we’ll take a look at some of the things you should consider before deciding whether to invest in solar panels or not.
Are solar panels a good investment in 2022?
The short answer is it varies. Solar panels are a worthwhile investment for some homeowners and not worth the investment for others.
Generally; the value is increased if the home has exposure to sunlight, rooftop space to spare, and plans to stay in their home for several years.
Solar panels can increase the value of your home
You will immediately see that solar panels increase the worth of your property when the time comes to sell. According to an independent analysis of five million properties by Solar Energy UK, Analysis of more than five million property sales shows that installing PV on a typical home could increase its value by £1,891—£2,722. Solar property commands a price premium of c.0.9%—2%. This means that the sale price of a home can be increased by half the cost of installing a PV system itself.
Naturally; your home’s value depends on a number of different factors. But if you think about selling within the next few years, installing solar panels can make it worth more.
Save you money on bills
As energy costs continue to rise and the price cap has been raised by £693 per year in April 2022, it is more important than ever to save money on electricity. Although solar PV won’t drastically reduce your bills; the savings will certainly make a difference.
By using solar panels, you save money on your electricity bill because you aren’t using electricity from the grid. It may seem like there is not much savings on the short term, but over time, they can add up. And if you live in an area where electricity prices are high, you could save even more.
In addition, there are other ways to maximise your solar savings. For instance, you can install a battery to store energy during the day and use it at night.
The cost is dropping every year
Photovoltaic cells (PV cells) which make up solar panels are becoming less and less expensive as research on efficient solar technology continues. Due to the increasing popularity of solar, both manufacturers and installers need to lower their prices.
Now is a good time to invest in solar panels!
How long until they pay for themselves?
The average solar panel system will pay for itself in approximately ten to twenty years. The basis of this estimate is the installation costs, electricity rates, how much electricity your panels produce, how much of this power you’re able to use, and how much you’re able to sell back to the grid.
However, there are a lot of variables in this calculation, including the cost of installation. A lot of this varies depending on the size and type of system you select as well as the contractor installing it. Apart from that; you need to take into account how the electricity rate fluctuates.
Solar will eventually pay for itself more and more over time.
If you’re interested in installing solar panels on your home, don’t hesitate to contact the team at SwitchedOn for a FREE no-obligation quote today
Making your home more energy efficient shouldn’t be hard work.
Let SwitchedOn Yorkshire help you.