When it comes to solar panel installation, the truth of the matter is that it’s more popular than ever. The solar panel system isn’t as exorbitantly expensive as it was in past years, which has contributed to its surge in popularity. Additionally, more people realize that it is a worthwhile investment, and they know enough to understand that even in the UK, solar panels can generate a lot of electricity – enough to meet one’s needs, depending, of course, on the size of the system they install. But if you’re thinking of installing one, one of your foremost concerns might be the cost, and secondly, how much you can save. Here, then, are the best facts and figures on solar panel installations in 2021: what you should know.
What you Need to Consider
Before you get quotes from installers, you first need to understand what to consider. You can get the most out of your investment if you know what to think about, such as your electricity requirements, the size of the system, and whether or not you should take advantage of financial incentives and schemes.
For example, an average home outfitted with a 4kW-sized solar installation can spend about £6,000 to £8,000 on the system and its installation. With this, you can save around £270 on your electric bills per year. If you use the SEG or Smart Export Guarantee, you can break even on your investment in about 16 to 22 years.
Their Cost
As mentioned, one of your biggest questions might understandably be the cost. On average, solar panel systems can cost somewhere from £5,000 to £10,000, as confirmed by experts in standard and in roof solar panels. Each panel will cost approximately £350. But different variables come into play as well, such as the size of your home and its occupancy. If more people are residing in your home, it follows that you will use more energy, so the cost of your system will also rise. But no matter what size your home is, expect to invest a minimum of £5,000.
Let’s break it down even further: for a 3kW system with a yearly output of 2,700 kWh, your cost can be between £5,000 and £6,000. If you opt for a 4kW system with an output per year of 3,600 kWh, the cost can be between £6,000 and £8,000. A larger system of 5kW can generate 4,320 kWh per year, and it can cost from £7,000 to £9,000, whilst an even bigger system with 6kW producing 5,400 kWh per year can cost from £8,000 and £10,000.
Remember, however, that these are just estimates because if you opt for a more efficient system, it will be more expensive. The number of solar panels you require and your SEG payments and savings on energy will also play a role in the final cost.
Your Savings
You can save money in two specific areas if you opt for solar energy: first, you can decrease the energy you purchase from the grid, and second, you can potentially earn some money when you sell back to the grid with the SEG. With a 3kW system, you can save about £160 annually, whilst with a 4kW system, your savings can reach up to £270. Larger systems like 5kW and 6kW systems can help you save £320 and £430 per year, respectively.
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