Solar Panels Cost, Photovoltaic Solar Panel Prices
The most cost-effective option to save on electricity bills is to install the solar panels. These solar panels harness the sunlight and convert it into solar electricity.
The type of solar panels that need to be installed will vary from one home to another. Hence, the solar panels cost will also vary depending on the individual requirements of homes. The actual solar panels cost estimation can only be done by a surveyor who will first come and survey the home where the installation needs to be done.
The cost of the system as well as the installation charges will depend on various factors. However, the entire investment is much less when compared to the savings that one could make due to the reduction in the electricity bills every month. There will be a 40% reduction in energy consumption once the system is installed and hence the cost of putting up the system automatically gets paid off with the savings that one get.
Solar Panels Installation Cost
The average cost to install a 2.82 kW system would be around £12,000 (inclusive of the 5% VAT). However, as the size of the system increases, there would be a reduction in costs. But the additional solar panels cost might be around £4,500 to £8,000 extra.
It is always advisable to invest in the solar power generating system on your own. This way, you will ensure that you get hold of all the incentives and earnings that the system will generate and the whole sum is expected to be around £900-£1,100 per year. You will earn this sum over and above the savings on your energy bills.
These systems are expected to last for 30 years or more. Over a 25 year period a combined profit of around £35,000 can be expected. If the solar panels cost is £12,000, then you will receive the feed in tariffs through the government where you could get approximately £1,100 each year and save around £120 a year on your electricity bill the payback time of your investment will be less than 10 years.
For more information on the cost of solar panels