Positives of Solar PV
Having a Solar PV panel installed means that not only do you have a more efficient, sustainable energy source, but financially you are better off to as you have electricity that isn't prone to price hikes and could even make you money.
All the PV panels have a guarantee of 20 years, which gives you peace of mind about its lifespan, and with the strong likelihood that energy prices will go up due to the decreasing amount of fossil fuels, it's very likely a sound investment.
On average per year, it is estimated that the average household uses 3,300kW/h of electricity, with the current price being roughly 13p p/kWh, and rising at an average of 7% per decade. The typical Solar PV panel is capable of producing more than 55% of this demand, and as well as being self sufficient with your power, a lot of energy companies will pay you if you do this as they have their own green energy quotas to reach. With every MW/h produced, you are eligible for two Renewable Obligation Certificates, which can be obtained through your energy provider.
As mentioned in the previous paragraph, electricity costs are on average rising at 7% a year, and this is largely down to the homeowners and residential sector. However, a Solar PV installation can reduce or eliminate the reliance on Grid electricity, thus lessening your vulnerability to these increases.
Upon installation, the electricity produced by a Solar PV system is at a constant cost, and the price will not increase over time. This is at roughly 18p/kWh, and while this is currently higher than the Grid price, going off the increase percentages of standard electric, solar power will be cheaper in less than five years.
In addition, should your Solar PV make excess electricity, it could make you more money than a savings account. Back in April 2009, the best ISA on the market was from Barclays and was at just 3.83%, but taking into consideration the potential for price increases in energy bills, the return on a Solar panel could potentially be a tidy sum.
An American study back in 1999 claimed that for every £0.50p that was reduced in annual utility bills, ten pounds could be added onto the value of the property. In this way, a Solar PV installation in the long run could increase the value of your residence due to it's sustainability and reduced cost.
Solar PV's are also extremely reliable, and with their 20 year guarantees, there is no room for error on the part of the manufacturer. Once installed, the panel requires no work on behalf of the consumer as far as maintenance goes.
These are also the 'Green' way to go, with a Solar PV system reducing Carbon emissions by roughly 900kg/CO2 a year. When it is all set up and ready to go, no more energy is taken to maintain it, and they are made out of a resource which is freely available; namely silicon which is made out of sand.