The amount that is paid for energy generated from solar panels is set to reduce at the end of this month, as the potential returns of harnessing the sun that beats down on your roof are trimmed once again.
The continuing fall of the cost of panels means the average size of installations are growing and that means so are the returns.
So is it still worth investing, even as the FIT is slashed?
Crucially, while FIT rates are down, the cost of installing solar panels has also fallen. And with energy prices continuing to rise then the answer is YES!
According to the Energy Saving Trust the average size of installations has increased to 3.5kWh. The average price of a typical 3.5kWh system has fallen to £5,500 down from £12,000 for an installation in 2012.
How much can solar earn?
A 3.5kW system
Electricity Saving: £180.27
Export amount: £71.66
Total savings and income is £683.98 per year and £13,679.60 over 20 years.
3 major things to consider when purchasing solar panels:
- Direction your panels will face
- Location of your home
- The size and quality of the installation
A South facing roof will deliver the best returns. Adjusting each of the above factors of location, direction and size will impact on performance and what you get back. It is also worth remembering that the returns being paid are guaranteed for 20 years.
As the longer days are approaching and the FIT is still available, now is the time to have solar installed.
Solar PV Feed-In Tariffs have been frozen again by Ofgem from 1st April 2014 to 30th June 2014 until they are reviewed again. For more information on Solar contact us or click here to see the latest FIT rates.