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Solar Panels Cost | Compare My Local... Solar Panel Prices

Renewable energy sources are becoming much more popular amongst homeowners, particularly since the UK Government is so keen to implement them and as a result will offer financial incentives. The advantage of saving money on fuel costs as well as the benefits to the environment, means that renewable energy options, such as solar panels, will continue to be installed by homeowners looking for money saving options to combat ever increasing energy prices.  Initial installation costs are typically quite high, but it is possible to make significant savings on fuel bills as well as generating extra income via Government schemes.

There are two types of solar panel: Solar PV (Solar electricity) which uses the sun’s energy to produce electricity; and Solar Thermal (Solar water heating) which heats water with the energy from the sun.

Solar PV Costs

The average cost for a 3kWp (kilowatt peak) Solar PV system is around £7,700. Solar tiles cost more to install than panels. The location and type of property, and the amount of sunlight the panels are exposed to will determine how much the system will cost and the amount of savings that can be made. The more electricity that is generated the higher the savings that can be made. The more panels or tiles that are installed, the higher the initial installation cost. It is possible to be paid for surplus electricity generated via the feed-in tariff scheme, so Solar PV could also be an additional source of income.

Solar PV on a budget

If you cannot afford the upfront installation costs, there are companies that will lease your roof for 20 years and in return will install and maintain solar panels. You will benefit from free electricity generated by the system but will not earn any extra income from the surplus electricity.

Solar Thermal Costs

If you decide to install solar panels to generate energy for heating your domestic hot water system, the average cost is between £3,000 and £5,000. It is, therefore, cheaper on average than the cost of Solar PV panels. It is estimated that typical annual water heating cost savings will be between £55 and £80 a year. Higher savings can be made if you have an electric water heating system.

The Government’s Renewable Heat Premium Payment scheme provides a grant of £300 towards the cost of installing a solar thermal system. This scheme will run until 31st March 2013. The Government is due to introduce another scheme, the Renewable Heat Incentive (RHI) scheme which will reward homeowners for generating low carbon heat, including solar water heating. There is no official launch date as yet for the RHI scheme.

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