Solar panel installations on the rise

The number of homeowners installing solar panels on their property in the face of the spiralling cost of energy prices is rising, according to new research conducted by Ocean Finance.

Nearly half of those questioned for the survey said that they had either already installed solar panels or planned to do so in the near future.

Cutting costs

One third of homeowners said that they intended to install solar panels on their property, with 14% already obtaining them. By region, homeowners in London led the way for installations, with nearly 25% of people stating that they have already got solar panels in place.[1]

The Energy Saving Trust says that a typical family of four living in a three-bedroom house can potentially save between £500-£800 per year on bills following the installation of solar panels. Savings are predicted based on households using solar energy earning £560 from their electricity supplier, £90 from selling power back to the National Grid and an additional £150 from their electricity bill.[1]

Despite homeowners gaining long-term savings from the installation of solar panels, the greatest barrier to having them fitted is the large upfront cost. Those questioned who said that they were not interested in having solar panels, 40% said this was due to the cost being too high. According to the Energy Saving Trust, the average cost of a domestic solar panel system can cost £8,000.[1]

Second on the list of most common reasons not to install solar technology was appearance, with 25% of people saying that they did not want them on their roofs.[1]

Solar panel installations on the rise

Interest

‘It’s interesting to see the rise in the number of homeowners who plan to install solar panels,’ said Gareth Shilton, spokesperson for Ocean Finance. ‘Britain has some of the least energy-efficient housing in Europe and this leaves homeowners struggling with high energy bills. The fact that 10 times as many homeowners are warming to solar technology is likely to be a response to rising energy costs and the search for ways to cut bills.’[1]

‘While the up-front costs can be quite high, installing solar panels not only saves you money over the long-term on your energy bills, it can also increase the energy rating of your home and therefore, add value to your property,’ Shilton added.[6]

[1] http://www.propertyreporter.co.uk/property/half-plan-to-install-solar-panels-as-energy-bills-rise.html