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It seems to be that many people think solar has seen it's glory days come and go, but in fact solar is still growing at a steady pace in the UK. In fact it grew by 19% from March 2015 to March 2016 and there's some good reasons why.Let's start off with what happened in January 2016. The Government slashed the Feed-in-Tariff from a very reasonable rate of 12p/kWh down to only 4.39p, which is still very good but it takes a good look at the figures to see why it's still a viable investment and is better than the banks. Although 4.39p seems minimal and insignificant, there's still a few reasons to keep faith in the technology:
The Payback is better than you thinkThe way your panels return your invesment (ROI) is very simple and comes down to three main factors, your solar panel generation, the export rate and your savings. The solar panel generation means that for every single unit of electricity your solar panels produce, you make 4.32p. That doesn't sound like a lot but when a solar panel system can produce in excess of 3500 per year it soon adds up. Next is the export rate, this calculated at 50% of your generation and is an additional payment to your Feed-in-Tariff. For example, if your solar panel system generates 3000 kWh then you will get an additional 4.91p for 1500 units. Lastly, you save money on the energy you produce. So instead of paying 14p for a kWh of electricity you can use your energy from your solar panels for free giving you additional savings.
Self-ConsumptionOne of the biggest advantages of owning a solar pv system is that the energy it produces is yours, it's green and it's free! The best thing you could possibly do it harness every drop your system generates. Not only will it save you even more money but you know that the excess energy you're using to heat your hot water is green and good for the environment. There are systems such as the ImmerSUN which can use that surplus energy from your solar to heat your hot water tank, storage heaters or even underfloor heating. It is simply a bolt-on accessory for your solar panel system.
So to put it simply, there is still a lot that solar can do for you in terms of financial savings and environmental benefits. Emerging storage technology will only enhance your renewable energy system further and it's just the start of our journey to energy independence. If you feel that you're ready to take the first step with a solar panel system then please enquire here and our friendly team will be in touch with you soon. Sources: GOV.uk