Solar panels are one of the most popular ways for households to generate their energy. PV panel installations attached to the roof convert the sunlight into electricity, reducing the burden of drawing from the grid. More and more people are deciding to install solar panels.
The question is: what were the reasons they saw to invest?
Five reasons to invest in solar panels for your home
You will save money over the medium term.
Recent geopolitical events have caused uncertainty in energy prices. With threats to supply, prices soared, and all households in Britain and beyond felt the pressure on budgets.
Having a personal supply of energy created by the sun is an obvious way to protect yourself from these uncertainties. While the sun doesn’t feel like a reliable friend, it is around more than enough to supply the standard home. And what most don’t realise is that the panels still create energy on overcast days.
Therefore, saving money is the number one reason for investing in solar panels. If you are home all day, you could save over £400 a year on electricity costs.
While there is an initial outlay of funds to install the panel, the return on this money will likely be seen within five years. Panels have an expected life span of 20 years.
You could be paid by the energy companies.
Most households will use about 20% of the energy created through the solar panels. As well as purchasing the panels, you will likely buy batteries to store excess energy for use at times when there is no sunlight.
However, the Smart Export Guarantee gives you the option to make money from this excess energy.
When your panels produce more energy than you require, the surplus can be fed back into the national grid. In the same way, you would be expected to pay for this energy; the suppliers would then pay you for what you are providing.
If you run your home efficiently and conscientiously, your solar panels could start making you money.
Take back control.
No one likes to feel like a pawn on a chessboard. When energy companies and politicians meet to decide how comfortable your life will be, it can feel disempowering. While caps on energy prices and payments from the government are welcome, they can only sometimes be relied upon.
Consequently, one of the chief reasons for investing in solar panels is the ability to take back some control. Creating your supply, which you can manage effectively through your smart meter, means you can worry less when geo-political events shake up prices.
It could increase the value of your home.
The cost of running a household is now a primary concern for buyers. Buying a house and affording to run a house has become two different measures. Consequently, if you have provided a means of making energy costs more affordable, your home becomes more attractive and can demand a higher price.
There has yet to be a consensus on how much solar panels might add to the value of a home. Some estate agents say it may be in the future, and others say your home would already be 4% – 14% more valuable. Anything that offers a competitive advantage in the housing market will likely help you sell.
You will be part of the renewable solution.
Reliance on non-renewable fossil fuels is actively damaging our planet. Therefore, your choice to invest in solar panels could be another piece of the puzzle that helps turn around global warming.
There are nearly 800,000 households in Northern Ireland, and if every one of these created their own power, it would relieve a significant amount of pressure on the system.
Ultimately, every person on the planet needs to be part of the solution if the problem of powering our lives is to be solved. Therefore, an investment in solar panels also helps to secure our future.
In summary – Five reasons to invest in solar panels for your home
While installing solar panels will cost the average three-bedroom home close to £5000, this choice has apparent benefits. There are straightforward ways of seeing a return on this investment and making the future more secure for your family.
