Investing in Solar PV
With all costs included (labour, parts, designs, mounting, inverter etc.) the minimum cost of a Solar PV unit is approx £5,000, although the general rule of thumb is that it costs £2,000 plus £3,000 for every kWp. Bigger investments in the short term certainly pay better in the long run.
We have information on 'Feed-in tariffs', but these are stable investments, as the energy taken from it is guaranteed to have the same cost for the next 25 years. 9-11% of any returns you make off excess electricity is tax free, and because the 'feed in tariff' is index linked, even if inflation goes through the roof, your energy bills are shielded from this.
It takes roughly eight years for the Solar PV
system to repay for its installation
and start becoming a worthwhile investment, although this obviously varies on the size of the paneling installed
and will be dependent on how much energy
bills rise over the next few years. This statistic was formulated taking into account the average 7% a year increase in utility bills that has been noticed over the past decade.
Other ways of saving money through implementing greener technology at your home include insulating walls, roofs and windows which can keep a significant amount of heat in. Grants are available from the government to make this happen, who recommend every household has 26mm of loft insulation. Cavity insulation is something that many houses built after 1920 can benefit from as well. By taking these measures and becoming more green, this offers greater protection from price hikes and ever increasing energy bills, while also doing the environment a good turn at the same time.