Are solar panels still worth it?
Solar panels are seen by many as a long-term investment and a way to help both their finances and the environment. Money is tight for many people at the moment and sound investments are even more of a priority, so let’s take a look at solar panels and whether they are worth your money.
Financial returns
Many people choose solar panels from companies such as gsmlimited.com/services/solar-panels as a way of saving money on electricity and reducing reliance on suppliers and the National Grid. Some people also successfully sell excess electricity back.
Whether you can make money from your solar panels and how long they will take to pay for themselves is dependent on a variety of factors:
Influencing factors
Shade, orientation, angle, size, and the location of your solar panels will influence their financial potential, as will how much electricity you use. The return on your investment will also depend on how much you paid for the solar PV installation and what financial rewards there are for selling electricity back in your area. You can read more about selling electricity to the National Grid here.
The amount you can save and earn will also depend on where you live in the country; however, on average, people in Britain could save and earn enough to pay back the cost of the installation in 10 to 11 years. This is based on calculations using the Energy Saving Trust’s solar energy calculator.
What to consider
When thinking about whether solar panels are worth it for you, you should consider the practicality of solar panels, the initial outlay, and factors such as the price you currently pay for electricity, Smart Export Tariff (SEG) tariff rates from different companies, and how these could change.
You should also consider how you will finance your solar panel installation. You may consider remortgaging or a loan to cover the cost, but always consider interest rates and how these could potentially increase in the future. Interest-free finance may be available but always check the terms and conditions.
