Solar panels have been big news lately, thanks to all the buzz surrounding the recent changes to the FiTS tariffs. Many of the original skeptics of the tariff scheme are nodding sagely and clucking their I-told-you-so pronouncements. If the reduction in the tariff rates have you rethinking whether solar panels are a good idea for your electricity needs, consider these facts.
The Cost of Solar Panels Has Come Down Dramatically
In the very short time since the FiTS was instituted, the cost of solar panels and solar PV installation has dropped considerably. It will cost you less to install solar panels now than it would have cost two years ago. Those reductions were due mostly to the influx of inexpensive solar modules from China and from advances in solar technology manufacture. Prices have stabilized now, and aren’t likely to slide down much further so there’s no real benefit to waiting.
The Cost of Electricity Is Rising Month to Month
Every few months, you see a new report about rising electricity costs. As long as you get the bulk of your electricity from a supplier, you’re captive to those price rises. Solar panels help reduce your monthly electric bill by supplementing or replacing the electricity you have to buy from your electricity supplier.
Solar Panels Provide Free Electricity
Once your solar PV system is installed, the electricity generated by your solar panels is completely free. Sunlight costs nothing to transport, and since the solar panels are located right on your own roof, the electricity doesn’t have to run over the grid. Every unit of solar electricity you use costs you nothing. In fact, since it replaces a unit of electricity you buy from your electricity supplier, you’re saving money with solar panels.
Solar Panels Generate Income
If your solar PV system qualifies for the FiTS – and most do – your solar panels will generate income for you every month for 25 years. Even at the reduced 21p per kWh tariff, the typical home system will generate up to £1,000 pounds pa. And that’s tax-free income, so it’s a pure profit for you. Depending on your actual electricity use, you could sock away between £13,000 and £27,000 over the life of the tariff system.
Solar PV Systems Are Silent and Clean
Unlike other forms of renewable energy, solar panels make no noise at all in operation, nor do they generate soot or pollutants. When you install a solar PV system, you’ll be reducing your use of carbon-based fuels and contributing to meeting the UK’s renewable energy goals.
The exact figures for how much you can save and how much income your solar panels can generate depend upon your system, your location and your energy use. A solar PV installer can provide you with a tailored quote that includes those figures. For more information on how you can profit from installing solar panels on your roof, contact a local installer.
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