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Cahill Renewables | The Benefits of Solar PV Installation: Going Green and Saving Money
Cahill Renewables | The Benefits of Solar PV Installation: Going Green and Saving Money

The Benefits of Solar PV Installation: Going Green and Saving Money

Published: 18/07/2023
Cahill Renewables | The Benefits of Solar PV Installation: Going Green and Saving Money

Solar Photovoltaic installation offers a wide range of advantages, making it a great choice if you’re looking for environmentally friendly energy solutions that won’t break the bank. In this blog post, we will explore the specific benefits of residential solar panel installation, emphasizing its contribution to sustainable living. We’ll take a look at the financial benefits too, highlighting the potential return on investment (ROI) that Solar power offers and the substantial cost savings compared to traditional energy generation. Additionally, we will discuss renewable energy incentives and solar energy rebates that can help offset installation costs. By showcasing the numerous advantages, we aim to demonstrate that Solar PV installation is not only an environmentally conscious choice but also a financially savvy one.

Solar PV Installation Advantages

Cahill Renewables | The Benefits of Solar PV Installation: Going Green and Saving Money

Solar PV installation brings a host of advantages, making it an attractive option for homeowners looking to embrace green energy. Let’s explore the specific benefits that make solar PV installation a worthwhile investment.

●  Reducing Fossil Fuel Use: Solar PV installation plays a crucial role in supporting environmentally friendly energy production. Unlike fossil fuel-based electricity generation, solar power does not release harmful greenhouse gasses. This helps to mitigate climate change and reduce air pollution. By choosing solar energy, you contribute to a greener, more sustainable future.

●  Sustainable Living: You can align more closely with the principles of sustainable living by localizing your energy generation to your household, which reduces your reliance on coal and gas. A Solar energy production system ultimately contributes to a more sustainable future, while also improving your own energy sovereignty. Having control over your own energy production with a Solar system then allows you to make other choices that can foster a greener and more eco-friendly lifestyle.●  Cutting Down Energy Bills: One of the most significant advantages of residential solar panel installation is the potential for substantial cost savings. Solar power allows homeowners to generate their electricity, reducing reliance on traditional utility providers. Over time, solar panels can offset or even eliminate monthly electricity bills, resulting in significant long-term savings. A solar system can also reduce your gas consumption too, utilizing technology such as hot water diverters to minimize your reliance on gas for heating.

We’ve talked enough about the general advantages of Solar, so let’s get down to how an installation can save you money.

Solar Energy Cost Savings

Solar panels offset your electricity use by generating power directly from the Sun instead of drawing power from the National Grid. For every kWh you consume from your system, you save the equivalent amount it would cost to buy that energy from the Grid.

For example, let’s assume you have a 5kW system that costs £9000 to purchase and install. Let’s also assume that on average, it generates 12.5kWh per day. At the time of writing, electricity costs roughly 35p a kWh, thanks to the Energy Price Guarantee. If your system outputs on average 12.5kWh every day, assuming your load always exceeds your generation, you’ve saved almost £30,000 over 25 years. This is just a “back of a postcard” calculation, but it should give you an idea of how energy savings can work with a Solar system. Naturally, this assumes the price of electricity stays static and doesn’t continue rising. However, looking back over the last 50 years of energy prices tells us otherwise. In reality, rising energy prices mean that Solar will continue to become a more attractive proposition for cost-effective energy generation as coal, gas, and other fossil fuels become increasingly scarce.

Solar Power Return on Investment (ROI)

Investing in a Solar PV installation can provide an impressive return on investment. Solar Power provides free electricity over the lifetime of the system in return for an initial upfront cost to purchase and install the Solar system. As such, it’s essential to understand how much electricity you’re projected to generate over the warranty period of the system in order to model your savings compared to buying from the grid. Solar systems typically require next to no maintenance, as there is no servicing to factor in. At most, you may need to replace your inverters every 15 years, which you should factor into the lifetime cost of the system.

Cahill Renewables | The Benefits of Solar PV Installation: Going Green and Saving Money

However, Solar also acts as a bulwark against rising energy costs and inflation. As utility rates continue to rise, Solar Panels provide a predictable and stable source of energy. The savings generated by solar power can often recoup the initial investment within a few years, resulting in long-term financial benefits. In essence, you’re bulk buying your electricity at a fixed cost for the next 30 years in one up-front chunk.

Residential solar panel installation offers numerous benefits beyond cost savings. Solar panels increase the energy efficiency rating of a property, meaning that it costs less to heat and power. A better energy efficiency rating raises the value of a property, which makes it more attractive to potential buyers.

Solar Energy Rebates

To encourage the adoption of renewable energy, the UK government offers several incentives for solar PV installation to help consumers realize the potential of Residential solar panel benefits. By taking advantage of renewable energy incentives, you can make solar power more affordable. There are several schemes currently running which make purchasing a Solar system more financially viable. Between 2022 and 2027, materials and installation for energy efficiency-enhancing measures is VAT rated at zero percent. This doesn’t just apply to Solar, but any work undertaken to increase the efficiency of the home.

There’s also the Smart Export Guarantee (SEG), which became active on 1 January 2020 and is designed to replace the Feed-In Tariff scheme which ran until April 2019. It provides an opportunity for small-scale low-carbon electricity generators to receive payments for the surplus energy they export back to the grid. While it is not a direct government grant, all licensed suppliers are now required to offer an export tariff to their customers. Suppliers with over 150,000 customers must offer a tariff, while smaller suppliers can participate voluntarily. Octopus Energy offers up to 15p/kWh exported, which is roughly half the price of a unit purchased from the grid. We prefer to think of it as exporting two units back to the grid gives you credit for one.

The SEG offers flexibility for green energy generators, allowing them to shop around for different SEG Licensees and choose the best price per kilowatt-hour (kWh) for their exported energy. Generators can select the contract length and rate that suits them best, with rates typically ranging between 1p and 15p per kWh. It is important to note that you can choose an SEG Licensee that is different from your electricity supplier, enabling you to find the most favorable deal by comparing rates.

Conclusion

Solar PV installation offers a multitude of benefits by combining environmentally friendly energy production with significant cost savings. Embracing solar power can contribute to sustainable living practices, reduce your carbon footprint, and encourage energy sovereignty, making bad news about rising energy rates a thing of the past. It’s also quite likely that installing Solar will increase the value of your property. When you consider the return on investment (ROI) of Solar PV installations, coupled with renewable energy incentives and rebates, it’s more often a financially advantageous choice than not. Embrace solar PV installation to go green and save money while building a more sustainable future for generations to come.

Ready to experience the benefits of solar PV installation? Contact us today to learn more about how you can go green, save money, and enjoy the advantages of solar power for your home.

Are you ready to start your project with a solar panel service?

If you are looking for a renewable energy installer near me, Cahill Renewables make it easy for you to find the perfect solar system to manage your energy better and reduce your bills. Whether you are looking for advice and guidance from an expert, solar panel or heat pump consultation, or just want to understand the different systems available, our team of experienced installers near me is here to help. Speak with one of our trained heating architects or solar system designers today.
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