Energy bills continue to soar, with the latest increase in October set to drive energy bills up by 80%, and an increase in January expects to make prices rise even further.
The hike has mainly been driven by the increase of wholesale gas prices, caused by multiple factors such as Russia’s war with Ukraine, increased demand in Asia, and a particularly cold winter in 2020 leading to higher gas usage during this time.
Our partners, E.ON, have predicted 40% of its customers will be in fuel poverty by October this year and are calling on government support for those who are struggling the most.
Aside from being more conscious with energy use and turning off or reducing appliances where possible, those who use traditional energy systems should look to alternative, renewable energy methods that do not rely on natural gas. Demand for solar is increasing as many seek out an alternative energy resource.
So, why should solar panels be considered as an energy source in the cost-of-living crisis?
- Energy bills are continuing to rise, therefore savings from solar will only increase
With the increased cost of energy introduced by the price cap in October 2022, indicative savings for a 4 kilowatt-peak system are around £900 per annum, based on half the energy being used and the other half being exported back to the grid.
- After paying for the initial install, solar panels still provide a return on investment
A 4 kilowatt-peak solar PV system costs around £7,500 providing a payback of approximately 8 years.
- Once installed, solar panels require little maintenance
Solar panels only require replacement every 25 years+, meaning maintenance costs are minimal.
- In some cases, unused energy generated from solar can be sold back to the grid
Solar generated electricity which is not used immediately will usually be exported back to the grid. Those who are on smart meters can sign up to a Smart Export Guarantee (SEG) tariff with an electricity supplier to be paid for any solar electricity that is exported to the grid.
- Adding a battery storage system can provide additional savings
A battery storage system allows surplus electricity generated from solar to be stored for later use, such as at night or when the sun isn’t shining. This can provide savings as energy does not need to be imported from the grid.
- Energy generated from solar is sustainable and free from carbon emissions
Solar power is a clean, homegrown and renewable energy resource, helping homeowners to reduce their carbon footprint.
Speaking of the crisis, our CEO Paul Hutchens said, “Energy cost has become a real concern for all UK households and is only set to get worse. We need to offset the cost and become more independent with our energy; solar can be a key part of this and is really cost-effective.”
As the next price cap increase approaches in October, many homeowners will be looking for ways to reduce their bills, and solar is one great alternative.
At Eco2Solar, we drive change for a better, greener future through quality installation of solar panels and battery storage to new build homes across the UK. We work with the housing developers to create sustainable homes for future generations to enjoy. If you’re a developer looking for a solar installation partner, click here to find out more about what we do and get in touch https://www.eco2solar.co.uk/home-landing-page/home-developers/
If you’re a homeowner, we can’t install solar panels at your home, but we can help with any questions you might have. Head here https://www.eco2solar.co.uk/home-landing-page/home-homeowners/ and browse through our FAQs.