Installing solar panels on your home’s roof is a significant decision. There is an initial upfront cost of approximately £5000 for a three-bedroom house, and there is a change to its outward appearance.
Yet, in a time of uncertainty and climate challenge, there are plenty of reasons to take responsibility for sourcing your renewable energy. The reliance on fossil fuels such as gas and oil damages our environment and makes us vulnerable to global geo-political difficulties. We have all experienced the concern created by spiking prices and relied on the government to step in and support us during these times.
While the initial cost might be one reason to resist solar panels, there are plenty of benefits to counterbalance these.
You will Save Money – Eventually.
Installing solar panels is a long-term investment. As with the mortgage you have likely signed up for, your thinking needs to expand over a lifetime rather than the short or medium term.
You will save £400 a year on average on your electricity bill. Consequently, you will likely return your investment within 10 – 15 years of installation. Most solar panels are expected to last at least 20 – 25 years. Therefore, there will come a time when the energy you are using is free.
You might Add Value to Your Home.
Another way to consider the return on investment is in the valuation of your home. Making energy cheaper for your house makes it a more desirable property for purchase. This, in turn, will mean you can ask for more when selling it.
Estate agents have mixed feelings about the degree of value it adds. Some say it does little to impact the valuation, and others say it adds between 4 and 14% to the valuation. Therefore, the money you spend could be repaid to you upon the sale of the house.
You Might Earn Money From Your Energy Supplier.
While you might believe that the sun never comes out, your panel will convert the sun’s energy into electricity, even on cloudy days. Estimates suggest that you will use 20% of the energy created by the sun’s rays. Consequently, you will have an excess of energy.
Two things can happen to this additional energy. First, you can store it in a battery for a time when the sun isn’t shining as much. Second, you can sell it back to the energy supplier, which gets fed back into the grid for others to use.
Energy suppliers will pay for any excess energy fed back into the grid. This will help reduce your energy bill and you receive a payment for energy you produce.
You Will Have a Sense of Control.
One of the more challenging aspects of home ownership is the sense that you are out of control of the costs. Your mortgage and energy bills are both significant outlays when managing your budget. The increase in interest rates put some strain on finances, and then the rapid spike in energy prices further eroded affordability.
Taking any measure that you can to take some control over this will deliver peace of mind. While this is an intangible benefit of installing solar panels, it is a powerful one. Knowing we are unlikely to feel the worst of future price rises can help life feel far more manageable.
You Will Feel You Have Taken Some Responsibility.
It is fair to believe that one person cannot impact the state of the climate and change the course of our reliance on fossil fuels. Yet, if everyone thought this way, then no change would ever happen. It takes the collective effort of many people to shift the dial and improve the outlook for our planet.
By switching from reliance on fossil fuels to renewables yourself, you are doing your bit for the environment. Not only are you creating energy, but you are also signalling the importance of renewables to the government, which may then make different policy choices at a national level.
Some Conclusions
Any financial investment in your property will come with uncertainty. You might or might not see a return on the money you have put into your home. However, by choosing solar panels, you will have taken control of your electricity supply and done your bit for the environment.
