{"id":26849,"date":"2022-10-07T08:17:29","date_gmt":"2022-10-07T07:17:29","guid":{"rendered":"https:\/\/www.lendingstream.co.uk\/blog\/?p=26849"},"modified":"2022-12-19T14:09:05","modified_gmt":"2022-12-19T13:09:05","slug":"how-much-money-solar-panels-save-on-electricity-bill","status":"publish","type":"post","link":"https:\/\/www.lendingstream.co.uk\/blog\/how-much-money-solar-panels-save-on-electricity-bill\/","title":{"rendered":"How Much Money Solar Panels Save on Your Electricity Bill?"},"content":{"rendered":"\n<p>With energy prices on the rise, many of us are looking for ways to reduce our electricity bills. Solar panels are a viable way of cutting your&nbsp;electricity bills&nbsp;(although they can be expensive at first) but are they worth it? We\u2019ll weigh out the pros and cons from how much they cost, and how much you can save. Ultimately though, that decision will be up to you.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-67d8a2c451750\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-67d8a2c451750\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-much-money-solar-panels-save-on-electricity-bill\/#how_much_do_solar_panels_cost_to_install\" title=\"How Much Do Solar Panels Cost to Install?\">How Much Do Solar Panels Cost to Install?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-much-money-solar-panels-save-on-electricity-bill\/#how_much_money_can_solar_panels_save\" title=\"How Much Money Can Solar Panels Save?\">How Much Money Can Solar Panels Save?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-much-money-solar-panels-save-on-electricity-bill\/#are_solar_panels_worth_it\" title=\"Are Solar Panels Worth It?\">Are Solar Panels Worth It?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-much-money-solar-panels-save-on-electricity-bill\/#in_summary\" title=\"In Summary\">In Summary<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"how-much-do-solar-panels-cost-to-install\"><span class=\"ez-toc-section\" id=\"how_much_do_solar_panels_cost_to_install\"><\/span><strong>How Much Do Solar Panels Cost to Install?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>How much solar panels cost depends on how many of them you have. The cost of installation can vary between companies, and the better quality panels, the more they\u2019ll cost.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.theecoexperts.co.uk\/solar-panels\/cost\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.theecoexperts.co.uk\/solar-panels\/cost\" rel=\"noreferrer noopener nofollow\">Here\u2019s a rough guide<\/a><\/strong> on how much solar panels would cost to have on your home.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A 1 bedroom house would need around 3 solar panels, costing on average \u00a31,440.<\/li><li>A 2-3 bedroom house would need around 9 solar panels, costing on average \u00a34,320.<\/li><li>A 4 bedroom house would need around 12 solar panels, costing on average \u00a35,760.<\/li><\/ul>\n\n\n\n<p>The government has recently cut the VAT on solar panels to 0%, saving you money on the upfront cost. Once your solar panels have been installed, they\u2019ll last on average 25 to 30 years with little or no maintenance costs. At this point they don\u2019t stop working altogether. They\u2019re just a lot less effective at generating electricity.<\/p>\n\n\n\n<p>There\u2019s no cheap way of getting solar panels. You could either use savings to pay for them or take out a long or short term loan from a direct lender. If you want to spread some of the cost with repayments over 6 months, <strong><a href=\"https:\/\/www.lendingstream.co.uk\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lending Stream<\/a><\/strong> can help But any <strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/cash-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">cash loan<\/a><\/strong> you take out will have interest to pay back on top.<\/p>\n\n\n\n<p>Before installing your solar panels, get written quotes from at least three companies. That way you can check that there are no hidden extras, like scaffolding for example.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-much-money-can-solar-panels-save\"><span class=\"ez-toc-section\" id=\"how_much_money_can_solar_panels_save\"><\/span><strong>How Much Money Can Solar Panels Save?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Solar panels will <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-ways-to-save-money\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>save you money each year<\/strong><\/a>. Your electricity bill could be almost cut in half, and savings could amount to anywhere from \u00a3400 to \u00a3700 per year.<\/p>\n\n\n\n<p>You can also earn money from your solar panels by using the <a href=\"https:\/\/www.ofgem.gov.uk\/environmental-and-social-schemes\/smart-export-guarantee-seg\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.ofgem.gov.uk\/environmental-and-social-schemes\/smart-export-guarantee-seg\" rel=\"noreferrer noopener nofollow\"><strong>Smart Export Guarantee<\/strong><\/a> (SEG). This is a scheme that lets you <a href=\"https:\/\/www.theecoexperts.co.uk\/solar-panels\/cost#link-things-to-consider-before-buying\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.theecoexperts.co.uk\/solar-panels\/cost#link-things-to-consider-before-buying\" rel=\"noreferrer noopener nofollow\"><strong>sell your unused electricity back to a supplier<\/strong><\/a>. The rate you&#8217;ll get paid per kilowatt hour differs from one energy company to another. It\u2019s worth shopping around to find out how much you\u2019ll get for yours. But overall, you can expect to make over \u00a3100 per year.<\/p>\n\n\n\n<p>You don\u2019t have to sell your spare electricity if you don\u2019t want to. You could store it for your own use. But to do this you\u2019d need to have a solar battery. Having one of these installed would add more to your upfront costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"are-solar-panels-worth-it\"><span class=\"ez-toc-section\" id=\"are_solar_panels_worth_it\"><\/span><strong>Are Solar Panels Worth It?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are many things to consider before you install solar panels. We\u2019ve listed some points for you to think about here.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Solar panels will eventually pay for themselves. But it can take anywhere from 10 to 30 years to break even on the initial installation cost.<\/li><li>The further north you live, the less daylight hours you have compared to people living in the south. This means you\u2019ll generate slightly less of your own electricity, and you\u2019d have less to sell.<\/li><li>You\u2019ll get more out of your solar panels by using them during the day when they\u2019re generating the most power.<\/li><li>If you\u2019re likely to move home in the next 5 years, it\u2019s probably not worth doing. You\u2019re unlikely to make back the cost of having them installed in that time. Solar panels may slightly <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-finance-home-improvements\/\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.lendingstream.co.uk\/blog\/how-to-finance-home-improvements\/\" rel=\"noreferrer noopener\"><strong>increase the value of your house<\/strong><\/a>, but some people find them ugly. And if you\u2019ve taken out a <strong><a href=\"https:\/\/www.lendingstream.co.uk\/loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">loan<\/a><\/strong> to pay for them, you\u2019ll still have to pay that off when you move.<\/li><li>You should ideally have a south facing, diagonal roof to put them on. Solar panels on north facing roofs are less effective. If you\u2019ve got a flat roof, it may cost more to install your solar panels.<\/li><li>You need quite a lot of roof space to put your solar panels on. For example, on a 2 to 3 bedroom house, the solar panels would need 18 square meters of roof space.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"in-summary\"><span class=\"ez-toc-section\" id=\"in_summary\"><\/span><strong>In Summary<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Solar panels are a great way of saving you money on your energy bills. As a green energy supply, they\u2019re good for the planet too, but they do come with big upfront costs to install. To break even on your investment quicker, you\u2019ll need to use most of your energy during daylight hours.<\/p>\n\n\n\n<p>How much money you save will depend on a number of factors. You\u2019ll need to weigh up all the information before deciding if solar panels are worthwhile for you.<\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong> We are not providing financial advice, these are just tips for informational purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With energy prices on the rise, many of us are looking for ways to reduce our electricity bills. Solar panels are a viable way of cutting your&nbsp;electricity bills&nbsp;(although they can be expensive at first) but are they worth it? We\u2019ll weigh out the pros and cons from how much they cost, and how much you [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":26851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,139],"tags":[],"class_list":["post-26849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-money"],"_links":{"self":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26849"}],"collection":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=26849"}],"version-history":[{"count":1,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26849\/revisions"}],"predecessor-version":[{"id":26850,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26849\/revisions\/26850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media\/26851"}],"wp:attachment":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=26849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=26849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=26849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}