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Solar power panels For your house - Costs and Earnings
All across the globe people are being hit with rapidly increasing costs of living. For many, this making it ever harder to create ends meet and any method to reduce the monthly and yearly outgoings is welcomed with open arms. One area that lots of individuals are taking a look at may be the investment in alternative energy for example solar panels and solar heating.
The draw of solar electricity is very alluring, thanks to the capability to save a considerable amount of money, but at the same time, save more than one tonne of carbon dioxide emissions every year. Just how much will they actually cost? There are a variety of factors you need to consider when purchasing solar panels for your home in order to know whether or not they will prove to be a solid investment.
Types of solar energy
There are a number of types of panel, the most typical being photovoltaic and solar heating. The main difference is that solar heating is used for directly heating water supply of the property while using sunrrrs heat and solar PV uses the sun's energy to produce electricity for the residence (or business). We are concentrating on this second type of solar energy in this assessment of costs and savings.
PV stands for photovoltaic, and therefore once the rays of the sun fall on the solar photovoltaic module, a particular voltage is generated.
Among the foremost disadvantages of solar electricity comes from the pure nature of the source of energy - because the sun only shines during the day, this is actually the only time that electricity will be produced. Furthermore, electricity can't be stored - it must be used when it is generated, meaning that if there is no demand for the electricity, it goes to waste.
Fortunately, in the united kingdom, the Enter Tariff, a scheme introduced by the government, allows other homeowners connected to the national grid to use the excess electricity produced and in reward, the owners receive a tax-free income every year.
How much do you need to invest?
Obviously, the cost of an installation relies upon how big your installation, which is dependent on numerous things:
? The top section of roof ideal for solar panel use.
? Your time usage needs.
? Your financial allowance
You take advantage of greater value for money on the larger system thanks to economies of scale, but a sizable system may become very costly quickly. The typical solar panel installation on the UK house is approximately 3kWp and will cost around ?8000 - ?10,000 (including VAT in the rate of 5%). Be sure to get quotes from the number of installers though, because prices can vary quite widely. A 3kWp system could save you around ?70 each year in your household bills and prevent around one tonne of co2 emissions each year.
Just how much can one earn with the Feed in Tariff?
By installing solar panels you are not only doing your part for that environment and saving on your electricity bills, however, you can also generate income each year for 25 years, thanks to the government's feed in tariff. The feed in tariff was introduced as a means of rewarding homeowners who sell unused electricity back onto the national grid, so that it may be used by other properties. Underneath the current rate, an average solar power installation would earn the owner around ?600 each year in Feed in Tariff payments.
Should you make the most of 'free solar panels' offers?
Clearly there are many benefits of installing solar panels in your home, but let's say you cannot afford the large energy production? Some companies provide a 'free solar panels' service, which at face value seems very enticing. The catch would be that the company takes the enter tariff payments and also you obtain the benefit of cheaper power bills. So, if you fail to pay the energy production, free solar power panels are probably an excellent addition to your home. If you have enough cash to spend on the other hand, it's a much better investment to buy the solar panels yourself and earn a pleasant tax-free income over the following 25 years.
