Can solar panels make you money?

Worried about climate change but don’t know what you can do to help create a greener future? Investing in a cleaner energy source could not only help the environment but also could earn you extra cash in the long run. If your house is being fuelled by solar energy, this means that you are not consuming energy directly from the national grid, which can save you a lot of money.

How much money could you earn by turning your roof solar?

The percentage return you could get depends on your initial investment. This is because the quality of the solar panels you buy determines how much energy they can produce, and therefore save you in electricity bills every month. 

On a warm summer’s day when it is clear and cloudless, expect to generate 1 kW to 4 kW (about the same energy usage as keeping a broadband router running for 5 days) of electricity. This range is affected by your positioning and other ambient weather conditions, so aim for south-facing panels if you can.

But the amount of energy that can be obtained depends on the type of solar panel, its location, and weather conditions. Most residential solar panels on the market today have a power of 250 to 400 watts per hour. 

What can be provided with 300 watts of power?

The simple answer is, most things are in your home: your TV, lights, laptops, washing machines, tumble dryers, hot water heaters, and refrigerator.

According to the Energy Saving Trust (EST), a standard 4kWp (the power of a photovoltaic (PV) cell is measured in kilowatt peak (kWp), which is how much energy it can generate at peak performance during the summer) system in Southern England can save you up to £330 per year, providing you are at home during the day. If you’re out all day until 6 pm, annual savings are closer to the £225 mark. 

What is the initial outlay for Solar Panels?

In 2021, solar panels cost about £6-7K for medium-sized housing, which is more than 60% cheaper than in 2010. This means that solar panels are now widely available. And this is great news.

What other possible solutions could make the investment more worthwhile?

The Smart Export Guarantee launched on 1st January 2020, which requires all large energy providers (with at least 150,000 customers) to pay households for the renewable electricity they export back to the grid.

Solar panels are a great way to reduce your electricity costs, as you will start generating your own electricity instead of just buying it on the National Grid.

Converting your roof to support solar power is not cheap, especially if you are a first-time buyer. If you are planning on staying at your residency for more than 12-20 years and you want to help save the planet then this investment could be for you.