- Homeowners seeking to offset sky-high electricity costs by generating their own
- Over 50,000 households installed solar panels in the first three months of 2023
- Average domestic solar panel system typically costs around £5,500 installed
Soaring numbers of households are rushing to install solar panels in a bid to cut their energy bills.
More than 130,000 were installed last year, according to MCS, the standards organisation for UK renewable energy. This is almost as many as were installed in the previous three years put together.
Solar panels let you generate your own electricity — and even get paid for feeding it back into the National Grid.
With average home energy bills hitting £2,500, households with solar panels should make considerable savings.
But average gas and electricity costs are expected to fall by £447 a year to £2,053 from this summer for a typical home, according to energy analysts Cornwall Insight, as the energy price cap falls below the energy price guarantee.
So, is it still worth buying solar panels? How long would it take for them to pay for themselves? We crunch the numbers.
What are the costs?
The average domestic solar panel system typically costs around £5,500 including installation.
Costs vary depending on the type of panels you choose, the area you cover and any difficulties builders have accessing your roof.
You might slash installation costs if you already have scaffolding up — for example if you are having repairs done on your roof.
Read more: ThisisMoney
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