Saving Money With Solar Power

As the price of gas and electricity soars, more and more people are looking for an alternative fuel source. Over the last few years there has been a steady increase in the number of households turning to renewable energy by installing solar panels.

Solar panels on house roof


Benefits of Solar Power

1)      You can save money on your energy bills.

2)      Become more eco-friendly – Cut your carbon footprint by using renewable energy.

3)      Get paid for the electricity you produce – the government offers incentives to people who want to install solar panels (known as the Feed-In Tariffs scheme or FITs).

4)      Option to sell your power back to the grid – If you produce more energy than you need it may be worth considering selling it back to the grid.

 

Solar PV Panels

Solar PV panels are the most popular form of solar panels available on the market today.  Ranging in price and size, these high quality solar panels provide the perfect solution for generating electricity. They work by converting the sun’s energy into electricity, which can then be used throughout the home to power things such as lights or appliances. The power they produce is measured in kWp (kilowatts peak) and by installing solar panels you could qualify for the governments Feed-In Tariff scheme.

 

Solar thermal pipesSolar Thermal Panels

Solar Thermal panels produce hot water for your home.  They do this by harnessing solar energy and converting it to thermal energy (heat). A solar thermal system can be installed alongside your existing heating system and can help to massively reduce your energy bills, whilst also reducing your carbon footprint.

 

What is the governments Feed- In Tariffs (FITs) scheme

If you use a renewable source to produce energy (such as having solar panels installed on your home), then the governments Feed-In Tariff scheme may mean that you could get money from your energy supplier.

If you are eligible to receive FITs then there are a few ways that you can benefit:

1)      Generation Tariff – Once your system is registered, for every unit or kWh of electricity you produce your energy supplier will pay you a set rate.  More info available here

2)      Export Tariff – For the energy that you produce and sell back to the grid (which you don’t use yourself) you will get a further 3.1p/kWh from your energy supplier.

3)      Energy Bill Savings – Overall you will save on your energy bills as you are producing your own energy to power things in your home such as lights and appliances.

Click for more information on government FITs

 

Is It Worth It?

So is it worth it? Well the initial cost of having solar panels installed can be expensive. Many companies charge different rates for their services so it’s worth getting a few quotes. However, in the long run you could be saving up to £670 or more per year depending on the size of the solar panel system installed and the amount of energy they produce.

At the end of the day it is your decision but it is definitely something worth considering.