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Solar Panels For Your Home - Costs and Earnings
All across the globe people are being hit with rapidly increasing costs of living. For many, this which makes it ever harder to make ends meet and any way to cut down on the monthly and yearly outgoings is welcomed with open arms. An area that many individuals are taking a look at may be the purchase of alternative energy such as solar panels and solar heating.
The draw of solar electricity is very alluring, because of the capability to save a considerable amount of money, but at the same time, save over one tonne of carbon dioxide emissions each year. Just how much do they actually cost? There are a variety of things you need to take into consideration when purchasing solar panels for your home to be able to know whether or not they will prove to be a good investment.
Kinds of solar energy
There are a number of types of panel, the most common being photovoltaic and solar heating. The main difference is the fact that solar heating is used for directly heating water supply of the home using the heat from the sun and photovoltaic uses the sun's energy to produce electricity for the residence (or business). We will be focusing on this second type of solar power within this assessment of costs and savings.
PV stands for photovoltaic, meaning that when the rays of the sun fall on the solar photovoltaic module, a particular voltage is generated.
Among the foremost disadvantages of solar electricity originates from the pure nature from the source of energy - since the sun only shines throughout the day, this is actually the only time that electricity is going to be produced. Furthermore, electricity cannot be stored - it should be used when it is generated, and therefore when there is no interest in the electricity, then it will go down the sink.
Fortunately, in the UK, the Feed in Tariff, a scheme introduced by the federal government, allows other homeowners attached to the national grid to make use of the excess electricity produced as well as in reward, the owners get a tax-free income every year.
How much do you need to invest?
Obviously, to buy a installation relies upon how big your installation, which is determined by numerous things:
? The surface area of roof suitable for solar panel use.
? Your energy usage needs.
? Your budget
You benefit from greater value for money on the larger system because of economies of scale, but a large system can become very costly very quickly. The typical solar power installation on a UK home is approximately 3kWp and can cost around ?8000 - ?10,000 (including VAT at the rate of 5%). Be sure to get quotes from a number of installers though, because prices can differ quite widely. A 3kWp system will save you around ?70 each year on your household bills and stop around one tonne of co2 emissions each year.
How much can one earn with the Enter Tariff?
By installing solar panels you are not only doing all of your part for that environment and saving on your electricity bills, but you can also earn an income each year for 25 years, because of the government's feed in tariff. The enter tariff was introduced as a means of rewarding homeowners who sell unused electricity back onto the national grid, in order that it may be used by other properties. Underneath the current rate, a typical solar panel installation would earn the owner around ?600 per year in Enter Tariff payments.
Should you make the most of 'free solar panels' offers?
Clearly there are lots of advantages to installing solar power panels on your home, but let's say you can't afford the large initial investment? Some companies provide a 'free solar panels' service, which at face value seems very enticing. The catch is that the company takes the enter tariff payments and you obtain the advantage of cheaper electricity bills. So, if you cannot afford the initial investment, free solar power panels are probably a great accessory for your home. For those who have enough cash to spend on the other hand, it is a much better investment to buy the solar power panels yourself and earn a pleasant tax-free income over the following 25 years.
