3 Financial benefits of installing solar panels
Team Egg | 13/10/2023
It’s all about the savings
At a Glance
Reduce or eliminate electricity bills altogether. Increase the value of your home
Enjoy tax benefits and incentives for solar
We know. Renewable energy’s many benefits are almost always talked about in the context of the environment. Few talk about the everyday financial benefits of clean energy such as solar which make it that much more incentivising to transition.
Resistance to change, being dependent on fossil fuels and a general lack of awareness around renewable energy are a few reasons why this information may be hard to access. Enter Egg, your guide for everything solar! Today, we’re making a case for 3 financial benefits of installing solar panels:
1. Reduce or eliminate electricity bills altogether
Installing solar panels means generating your own energy, saving it for later, and selling the leftover energy by sending it back to the national grid. With just 8 solar panels, you could generate up to 6.4kWh each day for your 3-bedroom house. This could save you a whopping £675 in electricity costs every year.
A smart way to maximise the return on investment is a home battery that stores any extra solar energy you generate so that you can use it later – even after the sun goes down.
2. Increase the value of your home
Did you know that homes with solar panels are valued 4-6% higher than those without? In fact, studies have shown that homeowners pay a premium for a home with solar panels already installed! A study by Zillow found that solar panels raise a home’s value by 4.1%, on average – which would increase the average UK home’s value by £9,500.
The government, private energy companies, and non-profit organisations are all gearing up for a fossil-free future which makes solar panels a desirable feature for many homebuyers. The peace of mind of knowing that you aren’t reliant on the grid is often a sought-after selling point for potential homeowners.
3. Enjoy tax benefits and incentives for solar
With such a push for transitioning to green energy, the UK government is incentivising people to make the switch to solar. One such scheme is the Smart Export Guarantee (SEG). SEG is a government-backed scheme that pays households and businesses for the excess solar electricity they export to the grid.
UK residents can also claim reduced VAT for energy-saving products such as solar panels for up to 5 years! The UK government's decision to scrap VAT on solar panels and other renewable energy technologies will save a typical family with rooftop solar panels more than £1,000 on installation and £300 annually on their energy bills.
These are just the financial benefits of installing solar panels in your home. When it comes to the environment, a solar system will reduce your reliance on oil and gas, which will reduce your home’s carbon footprint. For instance, if you have 12 panels on your roof, you could save roughly 930 kg of CO2 emissions over the course of a year, which is the equivalent of 43 trees!
If you’re interested in installing solar panels in your home, don’t hesitate to contact us. Our energy specialists will be happy to answer your questions and help you move to a greener, cost-effective alternative to traditional fossil fuels.
For more information on solar power, follow us on Instagram (@egg.cracking energy) and check out our blog for all things solar.
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How to complete your solar pre-install checks
Once you've accepted our solar quote, we'll need some pictures and information to get cracking with your order! Read our quick how-to guide here to make sure there's no delays with your order.