If you are thinking of investing in solar panels, it is worth knowing the benefits. The most obvious is that you can help combat climate change by moving away from fossil fuels. A second benefit is that you bring your own energy supply to your home, making your supply consistent and secure, but perhaps the most compelling benefit of all for cash-strapped homeowners is that solar panels can help you save money in the long term. Let’s take a closer look.
How solar panels save you money
When you invest in solar panels from a provider such as https://gsmlimited.com/services/solar-panels, you will be given information about how much you can save from your investment. A typical 3.5kw system will usually cost you around £7,000, which includes the cost of a generation metre, inverter, wiring, panel-mounting system, and scaffolding and labour. When you consider that the average domestic three-bed property pays around £150 a month for energy, the savings can stack up surprisingly quickly.
How solar panels make you money
You can also make money from solar energy. The energy that you don’t use but generate can be exported to the grid for others, and you can be paid for it by signing up for the Smart Export Guarantee (SEG) tariff. There are two types of tariffs: flat rates, meaning you pay agreed rates regardless of the export time, and variable tariffs, which change depending on wholesale rates at the point of export.
Wholesale prices are based on demand, so those on variable rates can receive more when demand is high. You can shop around for the best SEG tariffs and check your options regularly. You can also go with a different company to the one that supplies your energy. The payments you receive will depend on the tariff and where you live. Most homes use about 25% of the total energy they generate, but this depends on how many people live in the house and whether they are at home throughout the day.
Make 2024 the year that you consider solar panels for your home.
