The UK experienced a renewable energy boom earlier this year, which in turn saw the proliferation of solar panels throughout the commercial and residential sector. While many still claim it is still a fad, there is no doubting how extremely beneficial these energy implements are in both supplying some much needed energy and getting significant returns.
Despite this, purchasing a set of solar panels is still something not everyone is ready to do, as many are not exactly keen on investing on something that is relatively pricey. So when is the best time to invest on a set of solar panels?
The Price is Going Down
Many renewable energy authorities, such as Ecolution, note that despite the rather costly upfront price of solar panels, its total cost has actually gone down significantly in a rather short time. This is thanks to both advancements in technology as well as the increasing competition within the renewable energy resource market.
The proliferation of solar panels is actually a good thing, and many experts believe that the initial price of solar panels may actually go down even more as the years go by. Despite this, it may be more economical to install one before the year ends as come next year, installers will have to pay higher VAT on solar panels.
The Benefits (Still) Outweigh the Costs
You simply cannot deny how beneficial it is to have your own renewable source of energy. Consider this: not only will you save around 50% on your electricity bills; you can earn a considerable amount of money through the government’s feed-in tariff. If you are new to this scheme, it means that any excess electricity your panels generate will go directly back to your electricity supplier, and they will pay you for it.
While the amount you will get as returns really depends on your energy usage, you will typically earn around £13,450 for any extra electricity that you supply back to the government. Now compare this to an upfront cost of £4,000 or £6,000. You will immediately earn back what you paid upfront and you will be earning more in the future.
Now is the best time to invest in solar panels. You are not just making your home more sustainable, along with the potential to earn money on the side; you are also doing the environment a huge favour.