With the rate of electricity generation looking to get slashed once again at the start of October, many people will be questioning whether investing in solar energy is worth the financial input. As this infographic produced by Solartech explains, the return on your investment is still more than viable, and is only the start.
2015 Government Policy and The Effects
According to the 2015 Government policy, in an attempt to meet their goal of 80% greenhouse gas reduction by 2050; investing in solar panels makes domestic property owners eligible for the Renewable Heat Incentive. In addition to saving money on your monthly energy bills, you will also receive a payout for the electricity your home produces; regardless of whether you use it or not.
This same policy suggests that the commercial markets obligation to comply with Government RO will result in an increase of energy bill prices for commercial customers. Through installing your own system, you will bypass the cost increase, resulting in savings on top of the amount stated in Solartech’s infographic.
Installation Costs and The Value of Your Property
While the cost of setting up a new system varies depending on factors such as property size and number of inhabitants, The Renewable Energy Hub hypothesise that homeowners could recoup their costs lost through installation in as little as ten years. That isn’t taking into account the range of financial assistance offered for the initial system set up.
Solar Systems will increase the value of your property, according to The Green Age. The exact value is dependent on how long you have had the system in place. Buyers want to get the most for their money, so taking into account the fact that feed-in tariffs are paid over 20 years, the year in which you are selling your property compared to how long you have had your system changes the value of your property.
Regardless of the cuts to electricity generation prices, investing in a new solar system is still a viable and highly recommended decision for any domestic home owner with a south-facing roof*.
The Renewable Energy Hub