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Solar Systems: Savings Maker?

by | Jan 15, 2021 | Renewable Energy, Solar PV

Today I am tackling a big question in the solar industry: will solar PV save me money?

 

The Cost of Solar 

 

The International Energy Agency (IEA) stated in its 2020 report that solar PV produces the cheapest electricity in history and, is anticipated to become continually cheaper as it becomes more abundant in society.  The International Renewable Energy Agency stated that in the upcoming years, the cost of solar energy could fall to $0.03 per kWh. In comparison, fossil fuel-derived energy ranges between $0.05 – $0.17 per kWh.

Not only has the cost of solar energy decreased but the cost of solar panels has dramatically reduced since the early 2000s. During the 2000s an average domestic 16-panel solar array would cost around £12,000 – £20,000. Whereas, nowadays a 12-panel solar array (panels are now more efficient so you need less) costs anything between £5,000 – £8000* (excluding tax and installation fees). 

*The price depends entirely on the brand of PV system chosen and the type of inverter.

Whilst prices are now considerably cheaper, we understand that for many households the upfront cost of a PV installation is not reachable in everyone’s budget therefore, leaving you feeling a little on the bank breaker side.

 

The Potential Savings

 

Estimates from the Energy Savings Trust have suggested that a 4kWp system (kilo-watt peak) can save between £85 – £220 per year off your yearly energy bill. 

Furthermore, estimates place pay-back for a PV array at around 8 -12 years. Once you are paid off, you are only making monetary savings. 

 

How About We Change the Perspective?

 

When it comes to solar in fact renewable energy as a whole, there is a general public opinion which I believe we need to shift. 

We live in a commercial world where profit overrides societal and environmental benefits. This is why the beginning of this blog was entirely focused upon solar’s monetary value – we want to know about the money!

Although renewable energy should be viewed an investment into a greener, self-sustaining and resilient future in stead of simply a savings maker..

Payback on solar will happen…but it is more important than that. 

Solar is about all of us making a change and a contribution to reducing our global impact on the environment.  There are some simple ways, fly less, consume less, recycle…Insulating your home is the next best followed by Solar PV. 

Installing a 4kW system reduces your annual CO2 emissions by around 3 tonnes, equivalent to about 6000 miles in a polluting diesel hatchback.  Local energy production is also far more efficient and eco-friendly.

On a larger scale, solar can dramatically reduce national carbon emissions which is evidenced in 2017 when more than 1.2 billion kg of CO2 was saved by residential solar panels in the UK alone.  

Carol Olson, a researcher at the Energy Research Centre in the Netherlands said that:

“Compared with electricity from coal, PV electricity over its lifetime uses 86 to 89% less water, occupies or transforms over 80% less land, presents approximately 95% lower toxicity to humans and contributes 92 to 97% less to acid rain”.

 

It may not be a 100% green solution (although no method of energy generation is), but it does make a heck of a difference!

In 2011, the United Nations Department of Economic and Social Affairs stated that reducing individual CO2 emissions to 3 tonnes would “take much of the pressure imposed by the imperative of rapid decarbonisation of highly energy-intensive economies”. 

It is fair to say that we are part of a high energy demanding community – that comes with first world living and so, it’s about time we do our part and reduce our dependence on high carbon producing energy methods.

We know that fossil fuels are incredibly damaging to the earth – so why not choose a less destructive method of energy generation?

 

About Us:

 

Based in Dorchester, Dorset, Wessex ECOEnergy are an award-winning eco-build, solar, battery, and electric vehicle charger installer with a great deal of experience in the domestic and commercial markets. We help our clients to reduce their impact on the environment and save money in the process. 

 

If you are interested in generating your own solar energy contact Wessex ECOEnergy on: 01305 250429 

Or, send us an email at: info@wessexecoenergy.com

 

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