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The Cost of Modern Solar Panels
Over recent years, not only have solar PV panels become much more efficient but solar panel cost is now 70% cheaper than it was as recently as 2010. This is great news for homeowners and even though there’s never been a better time to invest in solar energy, solar panels are still a considered purchase.
According to WHICH magazine “Before 2015, the average price paid for a 3.6-4kWp solar panel system was more than £9,000, however, between 2015-2018, that cost was closer to £6,600”. Those same solar systems are now available for even less, with prices starting from just £3,995.
As is the case with most innovations, the price of solar panels has dropped over time as the technology becomes better and more refined. And when considering the necessary upfront installation costs of solar PV panels, it’s important to take the financial benefits into account, as they can save you thousands on your electricity bills.
Solar PV - Pay Monthly
Photovoltaic technology has progressed rapidly over the last several years, with Solar PV hardware now offering numerous advantages. These advantages include:
- Reduced energy bills
- Noise-free operation
- The generation of cheap, clean energy
- A low maintenance design
Energy prices will undoubtedly rise over time, so the amount your solar panels will save you will also rise in line with this increase. Solar panels can save you up to 50% on your energy bills, with a recent survey finding that 8 out of 10 people are having solar panels installed to protect themselves against future energy price rises.
That said, solar energy is not just a great way to save on your ever-growing energy bills, as it’s also a great way to lower your carbon footprint. Solar panels aren’t the only available type of renewable energy technology, but they certainly are the most accessible.
Solar Panel Cost
Residential solar panel cost has fallen every year for quite some time now and this is a result of a combination of huge government and private investment, increasing worldwide consumer demand and intense competition between PV panel manufacturers. Homeowners who are keen to save money on their electricity bills whilst protecting the environment have benefited greatly from the frequent steep price drops that have occurred since 2010.
Although prices have dropped significantly, a solar panel system will still set you back several thousand pounds, with the exact cost depending on the system chosen, the size of your roof and the structure of the building itself. The number of household occupants will also influence the size of the required system.
Other factors influencing the cost are the size of your building, the amount of available roof space, roof orientation (e.g. south-facing), shading from trees or adjacent buildings and ultimately where you live in the UK. All of these elements and more affect the amount of energy you can generate from your solar panels and the price of the system needed to power your home or business.
Our qualified solar installers can come to you and give you an estimate of the size and price of solar PV system required for your property.
The average household needs a 4kW solar system and this will typically cover around 21 square metres of your roof. The more electricity your system can generate, the higher the initial installation cost, but in the long term, the savings will also be higher.
To give you some idea of the average cost, we put some examples below:
A newSolar PV system
A new Solar PV systemwith battery storage
A retro-fit of a Hybrid Inverter& Battery Storage (2.6kwh)
A retro-fit of Hybrid Inverter& Battery Storage (6.3kwh)
A domestic Inverter swapwith installation
If you have some savings behind you, you could consider investing in a solar PV system, as you can start recouping that cost straight away. Believe it or not, the ROI on PV solar panels is currently better than leaving the money in the bank. However, if you do not have this option you could still cover the cost with a loan.
THE TWO TYPES OF SOLAR PANEL
The first and most common type are photovoltaic solar panels – also known as solar PV – which catch the sun's energy and convert it into electricity for household use. The other type is solar thermal, which allows you to heat water and can help you cut down your heating bills.
YOU NEED A SOUTH-FACING ROOF
To maximise the electricity your solar panels can generate, you usually need a predominantly south-facing roof. However, if your roof faces South-West or West, you'll still get some benefit, but it may be less effective and you might not get the maximum savings. While some early or late shading from other buildings or trees is OK, your roof should be unshaded between 10 am and 4 pm.
MORE DAYLIGHT IN THE SOUTH
While we’re not trying to compare England with California, it still matters how far North or South you actually live. Remember, this is about daylight, not hours of sunshine and Northern homes undeniably get slightly shorter days, so where you live needs to be taken into account.
The Energy Saving Trust estimates that panels installed in Manchester could save you between £95 and £230 each year on your electricity bills, compared with around £100-£240 in London and £90-£220 a year in Stirling.
The Feed-In Tariff Scheme
On the 31st of March 2019, the feed-in tariff was abolished and there is currently there is no alternative way to sell your electricity. This is why you can now install a battery to store electricity generated during daylight hours and then use it in the evening. Battery storage lets you bank electricity generated by your solar panels until you need it. However, buying a battery will mean it takes longer for your system to pay for itself.
In this kind of scenario, you can expect to save between £85 and £500+ on your annual energy bills, depending on how much power you use daily and how many people live in your household. Want to invest in solar? If so, then fill in our contact form and we will put you in touch with the best installer in your area who can do the best job for the best price. We offer this service on a completely free and non-binding basis!
Customers say about us:
“Fantastic customer service and attention to detail! Thank you Solar Panel Cost for making it so easy.”
— Mrs Worral, Cardiff
“I got my solar panels and the whole solar system I wanted at the best price!”
— Mr Credland, Salisbury
“When my local installer couldn’t offer me finance, I got a better price with finance I could afford.”
— Miss Hood, Towcester
“After a failed install with a local company, we had found Solar Panel Cost.
They have been nothing but helpful and supportive.”
— Mr & Mrs Bartley, Leicester
“The saving I made on the finance deal I was offered enabled me to fit some extras that I never thought I’d afford. Well done Solar Panel Cost!”
— Mr Starkie, Shrewsbury
SOLAR PANELS HAVE BECOME THE MOST ACCESSIBLE OF ALL RENEWABLE ENERGY TECHNOLOGIES