Essential Information on Costs, Earnings, and Savings on Solar Panels in the UK

As you are probably aware, solar panel systems can help save a lot on your electricity bill each month. It’s a sustainable and renewable source of energy which has become more prevalent as we realise the importance of sustainability in today’s world. What’s more, solar panel systems don’t require direct sunlight so that they can work – which is a welcome aspect in the UK, which everyone knows doesn’t get a substantial amount of sunlight. If you are a homeowner and are debating whether a solar panel system could be a worthwhile investment, here’s some essential information on costs, earnings, and savings on solar panels in the UK.

The basic info

A typical 4kWp solar panel system may be able to produce about 4200 kilowatt-hours of energy every year if you are in the southern portion of England – and this amount of energy is the same energy it would take to turn the famous London Eye a total of 56 times. For this kind of system, you can save as much as 1.6 carbon dioxide tonnes each year.

The cost of an average system

The cost of an average solar panel system (around 4kWp) for a residential home is approximately £5000 to £8000, and this will already include the 5% VAT.

Your savings

The savings (meaning how much money you could reduce from your electricity bill) you can get from your solar panel installation will be based on your lifestyle. If you spend a majority of your time at home while it’s daytime, you could save more.

For instance, if you are in London, which is in the south of England, you could save about £220 per day (if you are at home the entire day). If you spend your mornings at home, you could save £175, and if you’re home only in the afternoon, you could save £160. If you spend all day out and return only at around 6 in the evening, you could save £90 from your electricity bill every month.

If you are in Manchester in the north of England, you could save £210 if you are home the entire day, and if you are at home during the morning, you could save £170. If you are in your residence in the afternoon, your savings could be around £150. If you are out the entire day and return at about 6 pm, your savings every month is at £85.

Your earnings through the tariff scheme

Through the Feed-In Tariff programme of the government, you could receive a generation tariff as well as an export tariff. The generation tariff depends on the amount of energy produced by your system, and it changes four times a year, as confirmed by the experts in solar from Manchester, Atlantic Renewables. The amount you get will rely on the period you installed your solar panel system. For instance, you can get between £145 to £165 for systems installed between July to September of this year.

The export tariff, on the other hand, depends on how much energy you sell back to the grid. The export tariff could be between £95 (if you are in Manchester) to £110 (if you are in London) every year.  No matter which way you look at it, a solar panel system will always be a great investment – especially now, when we need sustainable and renewable energy the most.

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