With fuel bills set to double by 2023 is it worth installing solar panels on your roof – and making some extra cash?Industry news
With average annual fuel price rises of 8 per cent, there’s the risk your fuel bill could double by 2023. Consumers seeking ways to cut their power bills are asking: ‘Do solar panels make sense for me?’
Putting solar panels on your roof means you not only save money by using — for free — the energy they generate, but you also get a tax-free return via subsidies paid by the Government.
Though this so-called ‘feed-in tariff’ is not as generous as it once was, it still looks very healthy.
Solar panels convert daylight into electricity, which means they work even on cloudy days — though on sunny days they are, of course, far more efficient.
The power is then used to run your electrical appliances in your home – though only while the panels are generating. The technology cannot yet store the power for use round the clock.
You get paid for every unit of energy they generate -whether you use it your – self or feed it back to the National Grid.
A meter measures the amount of electricity generated. Ever y three months you will get a rebate from your power company.
It means you benefit twice: by using less electricity from the Grid, so reducing your bills, and by earning a tax-free income from selling your power to the Grid.
From April 1, you’ll get 14.38p per kWh (kilowatt hour) for each unit of electricity generated. In addition, you’ll get an extra 4.77p for units sold back to the Grid (the Government assumes that half the amount you generate will be exported back to the Grid. At present, there is no separate way of measuring this).
A family of four in a three-bed property who buy a 4kWh solar panel system can save an estimated £800 a year. (The panels themselves cost between £5,000 and £12,000.)
Sign up now and you’ll receive the tariff for the next 20 years — and it rises with inflation. To find out more, visit the Energy Saving Trust website or contact us today and we’ll be happy to provide more information. 0800 772 3187 or firstname.lastname@example.org