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Solar panels cut energy bills for two thirds of households

New research shows two-thirds of households with solar-panels have already cut their bills.

New research shows two-thirds of households with solar-panels have already cut their bills.

Two thirds of households with solar panels are already benefiting from lower energy bills with an average annual saving of £82.20 a month according to new research.

Eight in ten of those with solar panels installed them to protect themselves against future energy price rises – six in ten wanted to be more ‘green’.

Nine in ten would recommend solar energy to their friends and family.

– Not everyone is convinced: one in ten believe getting solar panels fitted is more effort than it is worth and over half of those without solar panels think they are too expensive.

Commenting on the findings, Kevin Sears, energy efficiency expert at uSwitch said: “With soaring energy prices and the rising cost of living, households are looking for new ways to cut costs, and solar energy provides a real opportunity to save around £80 a month on energy.

“I would also urge the government to better promote the benefits of solar. By doing all they can to ensure UK homeowners are well informed, consumers may become more plugged in to solar and reap the financial rewards.”

The news follows the recent reduction in the Feed-in Tariff rate from 21p to 16p per kWh. While many believed this would spell the end for solar, the cost of installing solar panels has dropped from £10,000 to as low as £2,500, and generates annual profits of up to £473.

Why solar?

The research found respondents citing a wide range of different reasons why they had opted for solar panels.

– Four in five (78%) of those with solar panels installed them to protect themselves against future price hikes.

– More than seven in ten wanted to make money from the Feed-in-Tariff (FIT),

– Six in ten (62%) wanted to do their bit for the environment

– Four in ten people (37%) think that solar offers a good return on investment However, amongst those with solar panels already installed, this increased to more than seven in ten (71%)

– Four in ten (43%) of solar customers wanted to add value to their property.

Criticisms

Nine in ten (88%) who installed solar panels would recommend them to their friends and family, not everyone is singing their praises. One in ten of all consumers (10%) think fitting the panels are more effort than they’re worth, and over half of households without solar power (58%) believe that it is just too expensive.

Mr Sears commented: “With over half of households under the impression that solar power is too expensive, consumers should be aware of all the options available, including the ‘solar loan’ scheme whereby households can receive all the benefits of investing in solar, including making money from FIT, without any of the upfront cost.”

Learn more 

Solar panels – Learn all about solar panels, from how they work to the financial costs and benefits.

Feed-in Tariff – What is the Feed-in Tariff rate, how does it work, how long does it last?

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