How solar panel installation pays for itself
Solar panel installation was once thought a high-tech home improvement that was more futuristic than realistic. The savings you could make on your utilities bills probably wouldn’t have been enough to justify what can be a really quite chunky up front installation cost.
But that’s all changing.
Climate change is now such a threat that world leaders and Governments are being forced to sit up, take stock and start cutting carbon emissions. At the Copenhagen Climate Convention in November 2009, many of the developed nations made ambitious carbon cutting pledges. The British Government promised to cut the UK’s carbon emissions by a massive 60% by the year 2050.
However, most developed nations have a very poor uptake of solar panels in homes. The UK’s 1% of homes with solar panels certainly won’t be enough to meet the big promises made. This is where the Feed-In Tariff comes in. Many nations globally now have Feed-In Tariffs as a means of encouraging solar panel installation in homes. It essentially involves utilities companies paying households with solar PV panels for each unit of electricity generated – even the ones that the household itself uses! So this basically means you can be paid for generating and using your own electricity. In the UK in particular, this rate is particularly high and exceeds the rate at which electricity companies sell their own units to houses! This accounts for the fact that generating solar electricity is more expensive than generating power from fossil fuels.
It’s not only the feed-in tariff that’s making monetary sense for solar panels though. There’s a huge financial incentive in the form of utility bill cuts. These will obviously vary depends on where you live and the time of year. But the sunnier parts of the planet can actually generate their entire electricity needs through many months of the year meaning that there’s no electricity bills to pay at all.
Then we throw another incentive in the mix too. Solar panel installation adds value to your home. Even if you are not looking at selling your home in the near future, adding value to your assets is a positive move.
So with these incentives in mind, it’s actually possible to profit from solar panels, positioning them firmly as an investment rather than an expense.
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- Another solar project – CSP
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- Solar powered plane takes off for 24-hour flight
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Thanks for the great post. I’m still pretty new to solar power but it’s good to know that it doesn’t just save you money but has potential to actually start paying for itself through feed in tariffs. Very informative, and again, thank you.
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