New research from Halifax reveals that investing in solar panels leads to possible cost and energy savings for landlords and other homeowners.
According to the survey of 2,000 owners, rising energy bills are now their number one concern, with 49% citing this as a key challenge – and the strongest trigger for making energy improvements to their properties (39%).
Over half (56%) say they have recently adapted their home, through measures such as adding insulation, double glazing or solar panels.
Those who have installed solar panels report strong benefits, with 89% of those who have them being glad they’d installed them, a similar proportion saying they would recommend them to their friends and family (83%), and over four in five (84%) saying they’d seen a reduction in their energy bills.
Further, over half (51%) have seen an improvement in their home’s energy efficiency through an updated EPC with an improved rating.
Savings of around £400-500 per year could be made on energy bills by transitioning to solar power, according to Energy Saving Trust estimates.
Those who install solar panels can also financially benefit from excess energy, receiving payments or giving energy back to the grid under the Smart Export Guarantee (SEG).
Andrew Asaam - Homes Director at Halifax - says: “With concern around the cost of energy bills and the climate crisis intensifying, more of us are looking for ways to bring down our energy usage.
“Transitioning to solar power can be a fantastic option to help reduce bills over the long-term, especially when combined with a home battery or other energy efficient measures such as the right loft insulation and energy saving light bulbs.
“We want to encourage more homeowners across the UK to make the switch to solar energy but understand it can be a significant investment. That is why we are introducing a £1,000 discount, available to customers who apply before 21st April.”
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Do the maths, 6 panels for the average suburban semi and a battery your looking around £8k. I get £50 expprt every 6 months back from a recently installed system (came with the house) and it probably knocks off about £400-500 off my electric per year. Is that better than the hassles of a Heat Pump, yes. Is it worth spending £8k+ on? Probably not.
I have solar panels & I love them. Do they save me a lot of money? Not really - they work best when it is sunny but not when it is cold & dark! I have added a battery to my system but unless I find gas in my garden my heating costs have not reduced. The system will pay for itself over time but it is only for someone who can afford the initial outlay & that is a significant cost.
What a useless article 😂😂 of course you get lower bills, but you have to sell a kidney… or two ☠️ to afford it. Not a chance am I paying anything along these lines, no way . Sell Sell Sell 💵💰💵💰
Ditto Simon. Sell sell sell. 👍
So spend £8,000 to save £400 - £500 per year. At first sight you would think this would be a 16 to 20 year payback period if you don't move house, but £8,000 invested at 5% is £400 per year. It just doesn't stack up financially. My dad invested in solar panels right at the start when feed-in tariffs were high and received £1200 per year. He broke even in year 7, which was the year he died.
Why aren't all new houses built with solar panels?
I have solar panels on 5 houses.
3 lots were installed 12 years ago and easily paid for themselves within 7 years. I will receive the Feed in Tariff for another 13 years. Not only do I receive the FIT they also provide a significant amount of the electricity used in those houses.
I had 2 other houses done last year complete with batteries. One of them has produced far more electricity than the house has used. The Octopus Flux tariff is very clever. The real downside is that while electricity bought from the grid is a tax deductible expense in an HMO there are no tax breaks for solar installations.
The other one is a smaller array and the jury's out on its efficiency.
I was on the verge of installing Solar Panels about 12 years ago but because of pressure of work invented by regulations and work created by HMO’s it had to be cancelled.
I had a big ideal South facing roof but would involve removing a chimney, so I said good luck to it let it be, so instead of improving properly they are doing harm. I had better properties before the introduction all those regulations & fees when we took pride in our property and what we done instead of doing the forced minimum against our Will.
Halifax , only used then once , that was more than enough
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