When solar panels first hit the market people were understandable unimpressed. Their ability to convert sunlight into energy was paltry. Like all new technology, they were ludicrously expensive. And, to top it all off, conventional power sources were much, cheaper.
Things have changed a lot since then.
The efficiency rating of solar panels has skyrocketed. The costs, in turn have fallen dramatically as the technology has become more widely available. This along with the dramatic rise in the cost of fuel, has cast solar energy in a very different light.
We are all aware that we should be working towards an eco-friendly future. But what does that mean for an individual? Or a business owner? How are solar panels not just environmentally conscientious, but also one of the best financial decisions you can make in 2022?
Why Solar Panels Are Ideal For Homeowners
The energy price cap increased energy prices by 12% in October 2021 and by 54% in April 2022. This equates to a £700 spike in the average energy bill. Such a massive increase in the cost of energy coincides with a dramatic drop in the cost of solar panels. Since 2010, solar panel costs have fallen by an average of 62%. Now, as the cost of fossil fuel sources begins to exceed that of renewables, is the perfect time to invest in alternate energy supplies.
Lowers Your Energy Bills
While making any kind of dent in the newly raised energy bills is essential, you may be wondering what kinds of savings you can expect when you invest in solar panels for your home.
Depending on their placement and the time of year, you could be looking at the total eradiation of your electrical bill. But this is only the half of it. If you have a day job, you may be wondering, ‘what happens to all that excess electricity produced by my new solar panels while I’m at work?’ The answer is that you sell it. Through the Smart Export Guarantee, you can sell electricity produced by your solar panels back to your own supplier.
Don’t just save money on your energy bills. Make money on them.
Best For Business Owners
Business owners are apt to enjoy all the same benefits as private individuals. It is environmentally responsible, and it can save a massive amount of money, especially considering the rising costs of conventional energy.
In addition to this, however, are a number of factors that are specifically important to business owners.
Even without the recent hike in energy bills The Climate Change Levy imposes significant costs upon businesses that consume non-renewable electricity, gas, and solid fuels. Avoid this additional cost while saving money on your energy bills at the same time with a renewable energy source, such as solar panels.
In addition to this, as of April 2022, the government has is relieving business rates on a range of green technologies, including solar panels. This is estimated to save businesses roughly £200 million over the course of the next five years. Make sure that you are one of those businesses.
Contact Protec For Information & Quotes On Solar Panel Supply & Installation
Want to learn more about how solar panels could benefit your home or business? Request a free home survey with Protec today. As long-time suppliers and installers in the industry, we’re happy to walk you through what you can expect from your new renewable energy source.