Cost vs Worth of Solar Panels

Thinking of joining forces of solar energy wielders? We don’t blame you. It’s a pretty sweet club to be a part of. So, what’s holding you back? Like many, we’re guessing you’re questioning whether the upfront cost is really worth it. 

Well, glad you’re here. Let’s talk about it.

Evaluating the Cost of Solar Panels

The first thing you’re going to want to do is to figure out a rough estimate of what solar panels will cost you. There are several variables, which will make the investment different for everyone. Some of these variable are:

• Average energy consumption
• Where you live
• The type of panels

Getting a good picture of what the potential financial aspects involved with this type of purchase can help you make a better decision.

Initial Investment

Now, the initial investment is the scary part, right? It’s not a small number. But the question remains: is it worth it? 

The upfront cost of solar panels includes:

• Solar panel prices (these prices vary)
• Installation fees (gotta pay those heavy lifters)
• Any additional equipment necessary to get your system up and running

So, what’s a typical cost look like? Understanding that there are variables that come into play, the average cost of solar panels in the UK ranges from £5,000 to £13,000—this would include installation. Just remember that the size of your system and your location plays a big role.

Maintenance Costs

Contrary to what you might think, solar panels are actually really easy to maintain. That said, you can never go wrong with budgeting for the occasional cleaning or potential repairs over the lifetime of your system.

Here’s a quick breakdown:

• Cleaning: Around £4 and £15 per panel and should be cleaned every six months.
• Repairs: Vary depending on the issue, but warranties can cover many components for 10-25 years

Incentives and Rebates

Okay, now that you’ve wrapped your head around the initial cost, let’s talk about the good stuff: incentives and rebates! There are several financial incentives available that can make a huge difference. 

1. Solar Together: This really cool group organises collective buying groups to help bring in competitive installation prices.
2. Home Upgrade Grant: This grant will be available until March 2025 and supports low-income families with grants up to £10,000.
3. Smark Export Guarantee: Offers financial returns for any surplus electricity sent back to the grid from solar panels.
4. Welsh Government Warm Homes Nest Scheme: Provides free advice and potentially even free home improvements, including solar panels, to eligible households.

The aim of these types of programs is to reduce the cost of solar panels. Why? To help encourage the adoption of renewable energy sources across the UK. How cool is that?

Assessing the Worth of Solar Panels

So, now that we have a rough idea of what solar panels cost, let’s look into assessing their worth. With solar, you’re looking at energy savings, increased property value, and a positive environment impact. Pretty encouraging outcomes.

Energy Savings

When you use solar, your monthly energy bills will decrease. This is because you’re generating your own power. How can you determine your savings? By reviewing your energy usage and the local electricity rates.

Property Value Increase

Did you know that your property value has a good chance of going up when you have solar panels? Solar panels can increase your property value by an average of 25%! The average home currently costs £287,782. That means that home’s added value could be anywhere from £2,590 to £5,760.

Environmental Impact

Our last stop on the “Is It Worth It” train is the environmental impact. The coolest, and daresay the most beneficial part of solar is how it greatly reduces carbon emissions. And that means a healthier planet. 

Here’s an impactful fact: A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually. Your ecological footprint shrinks significantly, and you play a part in the global movement towards sustainable energy. That’s pretty cool.

So, Is It Worth It?

That’s the ultimate question. Have you come to your own conclusion? Let’s give a quick recap:

• What is your energy consumption and where do you live?
• What does the initial investment look like?
• Are you eligible for any incentives or rebates?

Your answers to these questions can help you figure out if the energy savings, increased property value, and overall environmental impact make it worth the investment.