We all moan about the energy prices going up or interest rate going completely different way. But we have options to tackle both in more intelligent way. We can generate our own energy using solar power and our money stays with us (in our roof) which delivers significantly more return than putting them in the pig. But the best thing about it is that we are using natural energy and thus reducing the carbon footprint. Installing solar panel also increase the resell value of your house.
Solar energy came into the scene long ago but there were never better time than now to switch to it. Before there were debates whether solar panel installation worth it or not as some suggested it may take as long as 100 years to get the capital back of installing solar PV cells. But now as government approached to natural energy the payback time could be as little as 7 years.
Instalececo, local solar PV installer based in Bedfordshire, has a built in calculator where you can check how much you could save/make each year based on your current consumption rate and the payback time. You will earn every KWH of electricity you produce and you will be saving on your bills as you will be using your own energy. The money you will earn and save this way is tax free. Here are some numbers using the calculator which will give an idea about the solar PV installation.
Based on a 2.35KW PV installed :
Your earning per year £1155.74
- Energy generated each year 2017KW
- Energy you will use each year 2017KW
- Feed in tariff earning 2017 KW X 43.3p = £873.36
- Save on bills 2017 KW X 14p = £282.38
- Total savings per year is £1155.74
Typical cost of installing 2.35 kw solar panel is £9550
Payback time is 8.26 years
This income is guaranteed for 25 years. So in 25 years your total earning will be £28893.
* Figures based on roof facing south with 30 degrees and no shadow.
As mentioned above, the government will pay on your generated energy for 25 years. By that time you have made much more than you would make putting them in bank and best of all, you have done your bit for the environment.
So, solar PV installation is worth it. Because unlike financial institutions, the Sun won’t go bust or need bailout and will be there making you money as long as you are here.