How cost-effective is Solar PV?

How cost effective is Solar PV Posted on 15th Jul 2016 by Ged Ennis

If you’re looking to make savings on your energy bills while doing your bit for the environment, you needn’t look any further than Solar PV.

According to the Energy Savings Trust, the average domestic Solar PV system is 4kWp and can generate around 3,800 kilowatt hours of electricity a year. In one year alone, a typical household can expect to make savings of £70 on their electricity bill. Over 20 years, homeowners can also expect to make a 4.8% return. Businesses and schools can expect to make even bigger savings.

Of course, with the price of electricity going up, greater savings could be made in the future. With solar panels, you gain energy independence – protecting yourself against these rising energy bills.

If you’re interested in actual numbers, why not head over to our Case Studies page? Here, you’ll find a range of different businesses, all with varying electricity requirements. In each case study, we’ve also detailed the company’s annual FIT income – allowing you to see some of the other great benefits of solar too!

How solar saves you money

stacks of coins

Solar helps you to save money in a number of ways.

  1. It provides cheaper energy – meaning reduced energy bills now and in the long term.
  2. There are opportunities for a return on investment. Through the government’s Feed-in Tariff scheme, you can get paid for the electricity you generate.
  3. You can sell back energy too! Any surplus energy can be sold back via the Feed-in Tariff scheme.

Solar panels need little to no maintenance as well – so there really are no hidden costs when it comes to solar.

Easy ways to pay for solar

business people shaking hands

Solar PV not only saves you money in the longer-term, it’s also extremely affordable right from the start. Whether you’re looking for solar panels for your school or business or solar panels for your home, there are lots of ways to pay.

If you’ve got the budget, we recommend purchasing the system outright. This way, you’ll benefit from the cost savings and get a return on investment right from the start.

If this isn’t an option, we also offer Energy Efficiency Financing (EEF), as a Carbon Trust partner. EEF is basically a low cost, flexible term, unsecured loan. In most cases, your repayments are covered by the cost savings you make with Solar PV.

Schools are also eligible for extra special financing; thanks to the Less is More Capital initiative. To find out more about EEF for schools and other homes and businesses, take a look at the Ways to Pay section of our website.

If you’re interested in saving money on your energy bills, why not get in touch with us to discuss our Energy Monitoring service? Designed to reduce waste while saving you money, you’ll be reaping the benefits of a low carbon lifestyle in no time. For more information, give the Low Carbon Energy team a call.

Do you have Solar PV? If so, let us know how much you’ve saved on your energy bills. You can leave your comments below or tweet your savings to us @LowCarbonEnCo

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