Solar panels are not only a great means to cut down on electricity bills but can also be used as an opportunity to generate income. This is because you can earn money by selling surplus electricity back to the grid. Evidentially, people will often opt for solar panels to embrace cleaner energy alternatives and reduce dependence on the National Grid. Regardless of your reasons for choosing solar energy, were here to shed some light on the financial payback period of your investment.
The number of homeowners opting for a solar panel system is rapidly increasing. The MCS reported that 2023 alone saw over 220,500 solar panel installations across the whole of the United Kingdom, a vast increase from 2022.
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Here’s what you should know before getting solar panels
Considering solar panels for your home? Whether your goal is to trim electricity bills, shrink your carbon footprint, or achieve a combination of both, the decision to install solar panels requires thorough consideration. Here are the main factors we think you should keep in mind.
1. Going solar is creating your own energy
Primarily, you can utilise the energy that you generate from your panels to lower the cost of your electricity. The amount you save depends on the size of your system, your electricity consumption patterns, and various other factors.
2. You can get paid with solar
Of course, its clear to see that energy prices are rising, which means one thing; the math on owning solar panels is improving. January 2020 saw the launch of the Smart Export Guarantee (SEG) Scheme. Under the SEG households in Britain can get paid for the excess energy that they generate and do not end up using themselves.
How long do solar panels take to pay for themselves?
