In recent years, solar panels have become an increasingly popular option for UK residents. New solar technology allows panels to generate energy from sunlight despite the cloudy UK climate, with options such as solar batteries to store excess energy.
Additionally, as energy bills have continued to rise nationally, people have become more aware of the financial benefits of generating their electricity. Solar panels can help to reduce energy consumption and help UK households reduce their energy bills significantly.
However, there are some upfront costs to be aware of when investing in solar technology. In this article, we’ll answer the question of ‘how much do solar panels cost?’’ exploring all the high installation and initial purchasing costs.
The Cost of Solar Panels
The cost of solar panels can vary dramatically depending on various factors, including the scope of the system, the sort of panels used, the initial installation costs, and the location and structure of the property. Some of the costs to be aware of are:
The Number Of Panels Needed
The average solar panel system cost in the UK ranges from £4,000 to £8,000, with larger systems costing up to £15,000 or more. Generally, the bigger your solar system, the more expensive the upfront cost for the panels will be, as you will need more of them.
However, it is worth noting that larger systems are generally more efficient and can generate more electricity, giving them an excellent ROI rate.
The Type Of Panels
The type of panels used also affects the cost of the system. Two main types of solar panels are available in the UK: monocrystalline and polycrystalline.
Monocrystalline panels are more expensive than polycrystalline panels but are more efficient and have a longer lifespan.
The Solar System
It is worth remembering that to make the most of your solar system; you will need a solar inverter and a solar battery to store the energy you generate. These will come with an upfront cost but will help you save money and generate better energy levels in the future.
The Installation Costs
It’s very important to install your panels professionally to ensure they don’t become obscured by solar shading and are optimised to take in as much sunlight as possible.
There are many different ways to install your panels, with racking and integrated options available. Racking is usually cheaper when the panels are fixed to a metal rack on your roof.
Integrated options can be more expensive as they may require re-roofing to build the panels into your roof – however, this option can be a great way to increase property value.
It’s also important to consider your property’s structural integrity and design. Some large buildings may require solar installations vertically down the side of a building or on a canopy or alternative structure, and this can be more expensive due to the specialist’s demands.
The Financial Incentives for Installing Solar Panels
Although solar panels come with upfront costs, there are various financial incentives for installing them, making them worth the cost. Some of these include:
Cut Your Energy Bills
With grid energy prices growing, it’s important to have alternative options for energy independence. One great way to do this is by installing a solar system that allows you to live free of the grid or at least reduce your reliance on it.
Having your own energy source can help you generate electricity for your home and business for no cost other than the initial purchasing and installation. Though the upfront cost of a solar system may seem high, you will find that the return on investment is strong.
Government Schemes and Financial Support
Despite the initial cost of solar panels, there are financial incentives available that can help you cut down the initial cost of installation.
In the UK, the most significant incentive is the Feed-in Tariff (FIT) scheme, which pays households for the electricity they generate from solar panels. Unfortunately for new buyers, FIT was closed to new applications in 2019. However, those who were approved can still benefit from the scheme.
Another incentive is the Smart Export Guarantee (SEG), which pays households for the excess electricity they send back to the grid. Using a solar battery, you can store any excess electricity you don’t use and sell it back to the grid for profit or credit.
Many banks and lenders offer loans and financing options for renewable energy projects like solar panels, so it’s always a good idea to check what’s available before purchasing!
Conclusion,
We hope this article has helped answer the question, ‘how much do solar panels cost?’. Installing solar panels can be a significant investment, but the numerous benefits.
