Benefits of Solar PV
There are a number of benefits of solar PV for your home and as the need for environmental action is more prominent than ever, there is no better time to install solar!
Here is our list of the top 6 benefits of solar PV:
Solar PV guarantees lower energy bills
Using the electricity produced by a Solar PV system means that you will use less electricity from the grid and your electricity supplier. Therefore, you will see a dramatic fall in your electricity bills. This will be further enhanced if you can change your energy usage behaviour and utilise more of the energy that you have generated. Imagine the feeling of turning on your appliances and knowing that you aren’t paying your electricity supplier for it. In fact, they will pay you! You can also make more out of your savings by switching energy providers.
Tax-free Feed-in-Tariff payments for 20 years with Solar PV
The Government-backed Feed-in-Tariff (FiT) scheme provides you with a second tax-free income. This FiT guarantees a minimum payment for all electricity generated by the PV system for 20 years. This is regardless of whether the electricity is used by your household or not. The ‘export tariff’ is also an additional payment for 50% of the total amount of electricity generated by your Solar PV system. With the help of these two tariffs and your lower electricity usage from the national grid, you can expect a generous annual financial return from your Solar PV Panel system.
You can use Ofgem's site to see the most up-to-date Feed-in Tariff (FIT) rates.
Solar PV will help lower your CO2 emissions
We’ve all heard about the devastating effects of climate change. With a Solar PV system, you can generate your own clean, efficient electricity that can reduce your carbon footprint and help prevent climate change whilst saving you money too. Check out the environmental benefits of solar energy blog post for more information on the impact you could be making by going solar.
Increase the value of your property
Solar PV will also increase the value of your house or business premises. Why? Simple – your house or business premises will be more energy efficient and it will have a smaller carbon footprint. Furthermore, the Solar PV system will supply free, clean electricity for those that live or work inside. Plus the combination of the feed-in tariff and electricity savings mean that the system will easily pay for itself.
Solar PV protects against future electricity price increases
With electricity prices set to increase by 8% on average each year, many residents and businesses are finding it more difficult to pay their electricity bills. By installing a Solar PV system, you will be generating your own free, clean electricity. This means you will need less from your energy company. Therefore, in the future when electricity costs double or even three times more expensive than it does today, you can be safe with the knowledge knowing that you will not need to import as much from your energy supplier.
Great return on investment – better than the bank
Along with the obvious benefits of reducing your energy bills, Solar PV systems also offers a great financial return. Most systems have a ROI (return on investment) of up to 10% net of tax which is far better than what the banks can offer nowadays.
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