Are solar panels worth the cost?

Energy prices are widely expected to fall from the summer, but you could make further savings by taking advantage of the sunny season and installing solar panels. 

Not only that, but you could also receive payments for any extra energy you generate and put back into the grid. 

Solar panels have grown in popularity over the past few years, and this was exacerbated by the rising cost of energy which pushed households to try and find ways of saving on their energy bills. 

The increase in demand for solar panels has meant prices have fallen in recent years, so now could be a good time to look into installing them in your house. 

We look into how much solar panels cost, and what they could save you. 

How much do solar panels cost to instal? 

According to the Energy Savings Trust, the average solar panel system costs around £5,500 to instal. 

But the amount you pay will vary depending on the size and how difficult it is to access your roof. They will also vary depending on whether you choose panels or tiles, and whether you want them to sit on your roof or be built in. 

Panels on top of the roof are the cheapest option, while tiles are the most expensive, the Energy Savings Trust says. 

They also recommend getting a quote from at least three installers as costs can vary greatly. 

How much could solar panels save you? 

The smart export guarantee (SEG), launched in January 2020, sees households get paid for the solar energy they generate but don’t use and instead send back into the grid. You stand to make between £80 and £200 pounds, depending on the size of your system. 

You can use this tool by the Energy Saving Trust to calculate exactly how much you can get in payments – but the biggest perk is what you’ll be saving from producing your own energy. 

You can also check Solar Energy UK’s table for the suppliers offering the best rates to buy your energy. 

But keep in mind that how much you save on your bills will vary depending on how much energy you consume and how large of a system you install.

Additionally it will vary per region. According to the Energy Savings Trust, homeowners in South East England could save from £360 to £610 on their bills per year. 

Homeowners in Wales save between £335 to £580. 

Those in Northern England save between £325 and £550.

In Scotland the savings range from £310 to £545, and in Northern Ireland from  £95 to £235. 

All in all it’ll take you around 12 years to make your money back but this will vary depending on installation cost, your home’s location and the size of the system you install. 

What else should you consider?

If you’re installing solar panels, make sure they’re well positioned. They will produce energy even if it’s not sunny, which is great considering the UK weather, but make sure trees are not in the way. 

Additionally, consider that they’ll take up quite a bit of space on your roof. South facing roofs are ideal, says the Energy Savings Trust, while North facing ones are not recommended and a system facing East or West will yield between 15 to 20% less energy than one facing directly South.

They need very little maintenance, and actually benefit from rainfall because it cleans them as they are tilted at an angle. They will last around 25 years, but some parts will likely need to be replaced in this time – this will cost you around £800.