Falling Cost of Solar Panels Make Them a Worthwhile

by:Longsun     2020-04-16
The cost of solar panels will always affect whether they're a worthwhile investment as it'll decide if the homeowner makes a decent return for their money. Whilst the feed-in tariff is a suitable incentive, providing a fixed income for 25 years, it's the initial cost that'll determine if they're purchased. But a lot of homeowners simply don't realise that solar panel costs are falling every year and have instead focused on the reduced feed-in tariff. The Government recently cut the tariff rates from 43.3p/kWh to 21p, which means the amount earned yearly has fallen. However, because solar panels have also fallen in price, returns are still on par with 2011, when the solar market hit a boom in sales. Because homeowners don't realise the cost of solar panels now make them affordable for many homes, they've almost abandoned. Absolute solar marketing manager, Myles Hayden, says that the general public needs to be re-educated, to see the benefits solar panels hold. He said: 'There are still a lot of benefits, but when you have got people thinking about [the tariff] at 43 pence and then seeing that it is 21 pence, what they don't realise is that their system was A�15,000 but now it is A�10,000. 'Your actual return on investment is still good; however, it is a case of finding fresh people who didn't even know about the 43 pence tariff.' As the cost of solar panels has been reduced, the environmentally friendly energy source offers: A 10-15% return of investment for all homeowners Free electricity for 25 years A low maintenance alternative for producing energy A reduced carbon footprint for UK homes As well as pointing out that solar panels still offer a fantastic investment for homeowners, Mr Hayden also showed that the age of investors has fallen from the 55-70 group to 40-55. The younger generation seem more aware of the potential solar power has to offer and Hayden offers an explanations for the investment saying: 'Now I can do a system for people who are 25-35 years-old - they have got some money in an ISA that is not really doing anything, so they invest in panels, put them on their roof and they are getting a bigger return.' But ultimately, Mr Hayden blames the Government for the lack of solar PV uptake, despite the falling cost of solar panels. He mentions that although the Government were once pushing solar as the way to beat gas and electricity prices, cuts to the tariff have damaged its appeal. If you're considering panels as a long-term investment to cut your yearly energy prices, you can still make similar returns to 2011, so there's little reason not to invest. Not only will you see reductions to your energy bills by around A�300 annually, but a fixed income from the feed-in tariff also guarantees a profit. What's more, panels will add value to your property as buyers will see the potential solar has to offer.
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