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Are Solar Panels Worth It In 2018?

Solar panels are a popular choice for homeowners who want to generate their own power and save some cash. However, with some investment required upfront and recent changes to the feed in tariff, one of the questions we’re most frequently asked is – are solar panels worth it in 2018?

This is an important question. After all, getting a good return on any long-term investment is fundamental.

In short – yes, solar panels are still definitely worth it and there are a number of reasons why. Read on as we explore these…

Paying for themselves

One of the most common phrases used to sell solar panels is that they “pay for themselves”. But is it true? In most cases, yes. Solar panels inevitably generate enough energy over time to cover the cost of installation. There are two ways this energy benefits homeowners financially:

Saving on bills – If your solar panels are used to power your home, any energy they generate will reduce the amount required from other costly sources. Feed-in tariff – Energy generated by solar panels also warrants payment through the feed-in tariff. This is a government incentive for generating renewable energy, which rewards homeowners for every kWh they produce – with extra money for any energy excess that is fed back into the grid.

How long will it take to cover the cost?

The exact duration it takes for solar panels to “pay for themselves” depends on four factors:

  • The system – its capacity, efficiency and how long it will work for
  • The location of solar panels that determines how much energy they can produce
  • The cost of electricity that you will save on
  • Any rebates or financial incentives you will receive

Research suggests an average of 9.5 years for solar panels to pay for themselves in the UK.

More than just savings

As well as making money over time, solar panels are worth it because of the potential value they add to your home. Because they reduce dependence on other energy sources and cut costs, solar panels make your home more attractive to most potential buyers. Who wouldn’t want to buy a home that has cheaper energy bills?

On top of that, there’s the benefit of reducing your carbon footprint. Because electricity is conventionally generated using coal or oil, the more you use the more you contribute to global carbon emissions. Solar panels are a great way to reduce the amount of carbon released into the atmosphere on your behalf. Essentially, solar panels have that added value of making the world a better place.

Solar panels – well worth it

Are solar panels worth it? Of course. As well as paying for themselves over time, they reduce your carbon footprint and potentially add value to your property. With battery storage technology improving, they can even reduce your dependence on conventional power sources by storing power for outages.

At NBEC, we specialise in solar solutions, installing the highest quality solar panel products with robust warranties. Best of all, our technicians are MCS approved, meaning you’ll be eligible for the Feed-in Tariff. Need more information? We would be happy to talk you through your options. Get in touch with our team or get your free quote today.

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NBEC Renewables Ltd is authorised and regulated by the Financial Conduct Authority FRN 841384. We are a Credit broker not a lender and have a facility with a panel of lenders. NBEC Renewables Electrical Contractors is a trading name of NBEC Renewables Ltd.