Solar Panel Payback
In a poll by Loop, 41% of respondents cited the payback period as the main deterrent to installing solar. But guess what? The times, they are a-changin’!
Contents:
-
The Quickest Payback EverThe Quickest Payback Ever
-
A Real-World ExampleA Real-World Example
7 Year Payback Period for Solar
The Quickest Packback Ever
So, why is the solar payback so low now? It boils down to two factors: declining equipment costs and soaring electricity prices.
Installation expenses have nosedived over time, paving the way for solar setups to be more accessible than ever before. And to add fuel to the fire, electricity prices have doubled since 2021. With every unit of solar energy, you’re pocketing nearly 30p in savings. It’s a double win!
A Real-World Example
Let’s break down the payback period with an example. Imagine an average household with 4,500 kWh annual usage. Without solar, that’s nearly £100/month straight to the energy supplier. But with solar panels, a battery and on the Intelligent Octopus Flux tariff, it could save over £1k and the total bill for the year would be less than £100!
Getting on the right tariff is vital to maximise savings and bring the payback period down. You’re after a tariff that charges you more at peak times (because you have a battery you don’t need the grid at peak times), less at off-peak times, and also pays you handsomely for exporting during the peak. These tariffs now exist – like the Intelligent Octopus Flux tariff.
“Many have concerns that falling electricity costs will push solar payback periods back up again and they won’t be better off, but this simply isn’t the case. Three years on since the start of the energy crisis and bills are still double what they were. During this period, solar panel owners have saved over £3,000 and secured their homes against energy uncertainties.”
Expert advice from the Energy Doctor
Install Solar Panels With Loop and Sunsave
Ready to harness the power of the sun and take control of your energy bills? Look no further than Loop and Sunsave for your solar panel installation needs. With our trusted partnership, we’re making solar easy and hassle-free.
From initial consultation to seamless installation, our expert teams ensure a smooth transition to clean, renewable energy. Join countless homeowners who are benefiting from solar!
Related Guides
Is the Payback time for Solar and Battery Shorter Than You Think?
The payback period for solar and battery installation is under 6 years for typical homes. With the panels warranted for up to 25 years and the battery at least 10, it means years of free electricity!
The Economics of Solar
Having solar panels installed is a big step. Or is it? It’s probably cheaper and easier than you think. Weigh up the financial benefits of solar so you can make a decision whether the cost of an installation makes sense for you.
Are Solar Panels Worth It?
Long-term energy security, lower energy bills and reduced household emissions are just some of the reasons why solar is booming. Here’s a roundup of why solar panels are definitely worth considering.
