Solar Blog

Bright investors should look to solar panels

Understanding how solar panels for your home work is something which many people do not fully understand. However, with the uptake of installations across the UK increasing all the time, it is becoming an area which many young and environmentally conscious families are looking to. There tend to be two main types of solar panels; thermal and photovoltaic (PV). Thermal panels work primarily to heat water supplies, though they can also be used to provide heat throughout a home. Solar PV panels on the other hand can be used to provide electricity and, are one of the leading solutions to moving away from the reliance on fossil fuels.

With Ofgem warning homeowners that year on year fuel price rises will see electricity bills increase by 20% by 2020, solar panel installations to provide electricity make perfect sense. However, the benefits are far wider reaching than bill reduction alone.

Early investors in Solar PV will not only see their electricity bills fall, but could generate an income. Any surplus electricity produced can be sold back to the grid under the Government’s Feed In Tariff (FIT) scheme. At present payment rates, installation costs could be repaid within a decade and from there significant profits seen.

Whilst reviews of FIT will be seen, and payment rates adjusted, homeowners will be protected from major cuts. In any case, any cuts are likely to be introduced over an extended period of time whilst owners of solar panels will be able to benefit from reselling their electricity on an ongoing basis for a great many years.