Not only is there the price of your solar panel system but also delivery and installation charges. These initial outlay costs are all people see generally but if you wait just a small amount of time what you will begin to see is an annual reduction in your power bills. These reductions can equate to quite large amounts over time and the system can pay for itself numerous times over in its lifetime.
How much will it cost initially?
The cost of a solar panel system is directly relatedl to the amount of power it is designed to generate. Obviously, the more you intent to use it for the bigger your system should be. Grid connected solar power systems are by far the simplest, and in the United Kingdom they currently cost between £ 5,000 and £ 7,000.
This is excluding VAT and installation. With VAT and installation you will be looking at closer to £10,000.
Is there any funding available?
The government run the “Renewable Heat Incentive Scheme”. As a part of this scheme the government will pay home owners to generate heat from solar power systems up to 18pence per Kw generated for a fixed 18 year period. The government has also introduced “Feed in tariffs” for home owners who generate their own electricity. The price paid is £41.3p per Kw generated which is guaranteed for a 25 year period.
Does having a solar panel system add value to my home?
The quick answer to this is yes. A recent survey has found that people are willing to pay anything up to £10,000 more for a home that is built in an environmentally friendly way. Estate agents are now reporting a devaluing of homes that have poor energy efficiency standards. So, your solar panels cost is nothing really if you are adding value to your home that will only increase over time.
As you can see there are many incentives to installing a solar power system that far outweighs the solar panels cost initially. Aside from the monetary benefits there are also the benefits to the environment to consider. CO2 emissions will be reduced greatly and our carbon footprint will decrease. Overall I think that every homeowner should consider installing a solar panel system as soon as they are able.
For more information see solar panels cost
