Solar Power – A Worthwhile Investment?

A lot of emphasis has been placed on the increasing importance of finding other reliable energy sources, but it is a fact that our current energy methods are having a severe affect on the environment. One of the sources that you have probably seen a lot of advertisements for is solar power; with many people choosing to have solar panels attached to their roofs. But is this a viable source for us all for the future?

The common solar panels you will have seen on peoples roofs are known as solar photovoltaic panels, which convert the sunlight into electricity. The reason this has become one of the most popular methods for individual homes is because it is a viable source for small homes, large businesses and everyone in-between.

These solar panels that many are having installed aren’t just something that will help the environment either; as they are thought to reduce your energy bills in future years, with you generating your own electricity from the solar panels on your roof. Some smaller homes may find that they are able to generate all the electrical energy they need through these solar panels; whilst larger businesses may need to use both their standard electricity and this newly generated electricity – but will still be saving money in the long run.

How much do solar panels cost?

Solar panels can cost a lot of money initially, which is why you need to be sure that you are willing to make this investment. Yes they may save money in the future, but the initial outlay and maintenance expenses may not be a good idea if you are thinking of moving in the not too distant future. You can expect to pay anything from £10,000 – £15,000 for a medium sized family home; costs will depend on the installer and the size of your roof space. These costs indicate just what a large investment this is, but with estimated figures showing that you could have made back these costs in just 8 – 10 years, it may be a valuable investment if you are looking to stay in your home for many years to come.

What are Feed-in Tariffs?

Feed-in tarrifs (FIT) is a scheme that was established in 2010, allowing people with solar panels to generate a small income from them.

Your energy provider will pay you a small fee for each unit of excess electricity that is created; which is fantastic if you are generating more electricity than you require.

Initially energy companies were paying up to 43p per Kwh that was produced, but this has since been reduced to 21p per Kwh and from August this year this will reduce even further to 16p per Kwh. With the reducing costs paid by energy companies for this solar power, this will evidently have an impact on just how much money you will be able to generate from your solar panels. Again, this will largely depend on how long you are looking to stay in your home.

Is solar power a good investment?

In a word – yes. Solar power won’t just help the environment but it could become a cheaper, more beneficial method of energy for you and your family. Money will be generated from the solar panels in the long run, despite the reduction in energy prices that are being paid for your excess electricity. However, this will only be a worthwhile investment if you are intending to stay in your home for the next ten years or so. If you aren’t sure whether you will be wanting to move in the next few years, it may not be a good investment.

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