What are solar panels?
Solar panels, or photovoltaics (PVs), harness sunlight to produce electricity for your home.
Generating electricity this way is an effective way of cutting your energy bill and your carbon footprint as the energy produced is 100% renewable.
This technology saves you money in two ways: it protects you from price fluctuations and makes other low carbon solutions work better, boosting your overall savings.
How much do solar panels cost?
How much you spend on solar panels depends on factors such as the number of panels, component quality, installation complexity, and labour costs. At EDF, prices start from £5,800 for solar panel systems. Take a closer look below to compare costs for systems with 6 to 12 panels.
How to calculate solar panel savings
Solar panel savings vary based on factors like your location, how long you spend at home, the use of a PV diverter, and the components of your electricity tariff, such as SEG. In Great Britain, the Smart Export Guarantee (SEG) pays you a set rate for excess electricity you contribute to the grid. It's worth noting that to join a SEG tariff you'll need to have smart meter to export your energy.
The Energy Saving Trust provides a list of potential savings (3), which are outlined below.
What factors impact the cost of solar panels
There are various factors that will impact the cost of solar panels, these include:
- The size of the solar system needed for your home; larger systems require more panels, larger inverters and potentially an agreement from your local Distribution Network Operator (DNO)
- Access requirements, the need for scaffolding, and whether the system is roof or ground-mounted can significantly affect costs
- The type of solar panel chosen impacts both costs and efficiency
- The distance between the solar panels, the inverter and the consumer unit could be another cost factor to account for.
Additionally, incorporating a battery into your solar panel system will increase overall costs but it provides the benefit of storing excess energy for another time.
Do solar panels increase home value?
Adding solar panels to your property can boost its value and attract potential buyers seeking long-term savings. Industry experts say solar panels can increase a home's overall value by 2%. Additionally, in a survey of over 2,000 adults, 69% said they would buy a house with solar panels on them.
It's important to note that the installation cost of solar panels typically falls between £5,800 and £10,000. If you decide to sell your home immediately after installation, you might not fully recoup your investment, as the installation cost often exceeds the increased value of your house.
How efficient are solar panels?
The efficiency of solar panels can depend upon several things such as the placement of the panels on your roof, weather conditions, shading and the technology used in the panels. According to GreenMatch, residential solar panels have an efficiency rate of around 15-20%.
It's also worth noting that solar panels work even when the sun's not shining! If you choose to install solar panels, you can create renewable energy even on cloudy days.
How much does solar panel maintenance and service cost?
Solar panels are designed to be low maintenance allowing you to enjoy cost savings post-initial installation expenses. An annual service can cost on average around £100.
Generally, rainwater will clean solar panels on a sloped roof whereas panels on a flat roof may be trickier to clean. If your panels are showing signs of dirt, it may be worth arranging for the panels to be cleaned by a local company. Other things to keep an eye on include any trees nearby, to ensure they don't shade the panels as this will affect their performance.
In addition to maintaining clean panels, it's essential to replace the inverter periodically. On average, inverters have a lifespan of around 10 years, with replacement costs typically ranging between £500 and £1,000.