To the knowledge of the public, solar panels provide an alternative source of energy for your residence. What most people actually look to solar panels for, however, is not the green renewable energy source it supposedly supplies, but the savings one can get on them.
When solar panels first went out, it was considered a gold mine for investment. While capable of saving you a large amount from your electricity bill, the UK government also had a feed-in tariff (FIT) that offered generous government subsidies. Unfortunately for those who were not able to apply, the FIT is no longer accepting applications.
Why the FIT Presented a Golden Opportunity
The FIT scheme’s basic premise was that the government will pay you for the electricity you generate on your own. It was designed to promote renewable energy and low-carbon electricity generation technology. So, by installing a solar power system in your home, you not only slash a large portion off of your electricity bill, but the government also gives you money for every kilowatt-hour (kWh) unit of electricity you generate through this system.
All good things must come to an end, however, as the FIT’s benefits have finally ceased to take in new applicants since March last year. While this does not impact those who applied for the FIT’s benefits years ago, the rest of the public has cause to review whether installing solar panels to their home is still a good idea.
Solar panels a good investment for 2020?
The energy generation of solar panels largely depends on what country you are from and how exactly these panels were set up in your home. The geography of your house affects this, as the amount of sunlight being taken in is put into question. This technology is particularly beneficial to areas with more open spaces to receive sunlight as compared to those with lots of obstructions to the sun’s rays.
In the UK, the more common residential photovoltaic (PV) system costs around £6,200 and has a four-kilowatt peak (kWp). In a gist, this means that the average PV system can generate 4kW at peak performance when absorbing full direct sunlight.
In a year, a 4kWp PV system will generally generate around 4,200-kilowatt-hours of electricity, depending on the area. Data shows that this system will save around 1.6 tonnes of carbon dioxide every year. According to Energy Saving Trust, this number suggests an annual savings of up to 3.3 per cent for a household with someone running electricity all day, as compared to the 1.45 per cent of a traditional system where the residents are out until 6 p.m.
The Smart Export Guarantee
For those still not convinced of the annual returns of solar panels, there is an ongoing obligation of the government called the Smart Export Guarantee (SEG). It has licensed electricity suppliers offering a tariff to small-scale low-carbon generators for electricity exported to the National Grid. While offering different benefits from the FIT, those who are registered for the FIT’s benefits are no longer allowed to apply for this.
Conclusion
Data proves that the use of solar panels will still generate a generous amount of savings on your electricity bill. Although the FIT is no longer available for those who wish to install, the ongoing SEG provides another incentive to invest in the greener option.
If you find that your solar panels’ earnings and savings aren’t meeting the standards promised by your supplier, then call an expert on handling claims for mis-sold solar panels now! Get in touch with us today to see how we can help you.