How Much Money Can Be Saved On Energy Bills When Converting to Solar Panels

20th February 2018 by in category Blog tagged as , , , , , with 0 and 10

Saving Money With Solar PanelsSolar Panels are a great way to be friendly to the environment by relying on the power of the sun to function instead of electricity. Apart from being green solar panels, in theory, are cheaper in the long run because they use a source that is unlimited and comes without a monthly bill statement (that is if you don’t count the winter months where sunlight can be pretty scarce).

According to The Eco Experts, there is quite a significant benefit to choosing solar over electricity. Though installation may initially be a little pricey, it’s estimated that if you choose to place solar panels on your home or business, you’ll receive a return on your investment fourteen years down the line. Twenty years on and it’s approximated you’ll get a 4.8% return.

That sounds promising, but let’s explore all the different monetary aspects of solar panels.

Financial Benefits

Switching to solar panels can be motivated by a number of different reasons, but if it’s to give your wallet a rest, it might be a good idea. According to The Eco Experts, you could save up to £8000 across the duration of 20 years. That might not sound like a lot, but in terms of making things a little more comfortable, it will definitely have an impact.

It’s important to remember that the price of utility bills are rising steadily. With solar power charging your electrical appliances you can avoid this rise altogether.

Feed-in Tariff – What is it?

The Feed-in Tariff, also commonly spelt as FiT or FIT)is a government policy that promotes the use of renewable energy as opposed to limited sources. Essentially you can earn money by using solar energy to fuel your home. Those who have wind turbines on their land can also apply for this payment.

Once you’ve applied for this money and are successful, your energy provider will pay you for each kWh of electricity your create. If it’s a particularly strong summer, or you don’t have too many electrical appliances in your home you might find that you have leftovers of electricity that you’ve generated. You can actually sell these back to your provider for a profit!

What’s great about this scheme is not only are you saving on electricity bills but you can actually profit from harnessing solar power.

It’s worth to note that the Feed-in Tariff was changed in 2016 thus the amount you could earn for using solar panels has decreased significantly.

More information about Solar Panels

It’s important to remember that there are two types of solar panels, one for saving on electricity (Solar PV) and one for saving on gas (Solar thermal) and to note that we are referring to the former in this article.

If you are seriously considering solar panels, it’s best to choose a roof that is facing south and ideally without the obstruction of trees or buildings.

Solar panels offer great benefits to not only the environment but also your bank account. It’s a long term investment that can ultimately slim down bills and even help bring in some extra cash. Solar panels are definitely frugal friendly.

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