With the payback time of rooftop solar panels now just six years, households could benefit from 19 years of “essentially free” electricity during the remainder of their lifespan, according to the Energy and Climate Intelligence Unit (ECIU).
Solar farms are becoming ever more cost efficient, costing a low of £54 per MWh. This is much cheaper than the gas power alternative, the prices of which are likely to remain high for two years at least.
The Department for Business, Energy and Industrial Strategy’s (BEIS’) Electricity Generation Cost Report 2020 predicted gas prices would still cost as much as £85 per MWh in 2025.
A completed array of solar panels in place (Image: T. Larkum/Tanjent)
The current energy crisis has led commodities traders have predicted the cost of gas to rise in in excess of £200/MWh, in ‘day ahead’ prices. These strains are visible in the current market, as shown earlier this week where Local Day Ahead prices jumped to a record high of £2,585.8/MWh.
Such bleak speculations mean that failing to boost the deployment of renewable energy, or else hindering its progress by curbing the installation of solar on poorer quality farmland, would led to household bills continuing to increase, said ECIU.
Read more: SolarPowerPortal
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