Solar Panels: Are They Really Worth the Investment?

Team Egg | 30/04/2024

In this blog, we'll discuss the pros and cons of solar energy and investigate whether solar panels are a worthwhile investment for your home.

At a Glance

In our quest for more affordable energy bills and sustainable living solutions, solar panels have emerged as a promising option for homeowners. Yet, despite their environmental benefits, many are still asking whether solar panels are truly worth the investment.

We explore the various facets of solar energy and discuss whether solar panels really are a worthwhile investment for your home.

In our quest for more affordable energy bills and sustainable living solutions, solar panels have emerged as a promising option for homeowners. Yet, despite their environmental benefits, many are still asking whether solar panels are truly worth the investment.

In this blog, we'll explore the various facets of solar energy and discuss whether solar panels really are a worthwhile investment for your home. 🏠

How much do solar panels cost?

The cost of solar panels start at around £6,000 for a small 1-2 bedroom home and approximately £12,000 for a larger 4-5 bedroom home. 

Battery storage (a battery that stores any extra solar you generate during the day so that you can use it later in the evening 🌙) starts at £6,900. 

Are solar panels expensive?

There’s no denying installing solar panels on your home is a considerable investment but there are government incentives such as the Energy Company Obligation 4 that can help to offset the upfront costs of solar panel installation.

With battery storage, you can also explore selling any surplus electricity generated back to the grid through net metering programs - another benefit of investing in both solar and storage

Will solar panels save me money?

Whilst the initial cost of putting your hand in your pocket for solar panels may seem pretty daunting, it's important to consider the long-term savings they offer. According to the Energy Savings Trust, solar panels can significantly reduce your monthly energy bills by up to 90%*, or even eliminate them altogether when paired with battery storage.

How much you'll save on energy bills based on your property size**:

How long does it take to see a return on my investment?

This depends on the price paid, location of your home and the amount of regular sunlight your rooftop receives. As a rule of thumb, it takes around ten years to see a ROI on solar panels, however, with the price of energy increasing and the cost of solar panels falling, people are now starting to see a ROI after approximately seven years - a sustainable trend we love to see. 💚

Can I get solar panels on finance?

At egg, we offer 0% APR finance*** on solar and storage with the option to repay through monthly payments over 12 or 24 months. We are looking at offering longer term repayment plans in the future. 

What are the environmental benefits of solar energy?

Savings aside, one of the most compelling reasons to invest in solar panels is their positive impact on the environment. 🌍 Unlike fossil fuels, solar energy is clean and renewable and requires minimal water consumption to operate. By generating electricity from sunlight ☀️, solar panels help reduce carbon emissions and mitigate the effects of climate change - and who doesn’t want that?

The pros of investing in solar energy:

  1. Reduced energy bills: Solar panels can significantly lower or even eliminate your electricity bills, depending on the size of your installation and your energy consumption.

  2. Financial returns: Solar investments can provide attractive financial returns through savings on energy bills, government incentives, and potential revenue from selling excess energy back to the grid.

  3. Low operating costs: Once installed, solar energy systems have minimal operating and maintenance costs compared to traditional energy sources, resulting in long-term savings.

  4. Energy independence: Generating your own solar power reduces reliance on grid electricity, providing greater energy independence and stability against rising energy prices and potential power outages.

  5. Increase your property value: According to The Eco Experts, investing in solar panels can increase the value of your property by up to 14%.

The cons of investing in solar energy:

  1. High initial cost: The upfront cost of purchasing and installing solar panels can be significant, although it has been decreasing over time. This initial investment may deter some homeowners from investing in solar energy, however there are now options to make solar panels more affordable and accessible to everyone, such as 0% finance**. See if you qualify for financing with our free solar package builder. No credit check required at quote stage.

  2. Intermittent energy source: Solar power generation is reliant on sunlight, making it intermittent and variable, with energy production decreasing during cloudy days or at night. One of the benefits in investing in a storage battery (such as the battery picture below), is that you can store the energy you generate during the day to use at night, eliminating your reliance on the grid even further.

Conclusion

In conclusion, solar panels are a considerable yet worthy investment for your home. Not only do they offer significant environmental benefits by reducing carbon emissions and reliance on fossil fuels, but they also provide substantial savings on those pesky utility bills and a solid return on investment for years to come. 💰

Financing products are helping to democratise clean energy and make it more affordable and accessible than ever before. So if you’re a homeowner looking to save up to 90%* on your energy bills, why not get in touch for a free, no obligation quote?

Your wallet will thank you in the long run. 👛

Get your free quote in minutes
* Energy Saving Trust Guide to Solar Panels. Tariffs correct from January 2024
** Based on flat usage consumption, in-all-day data
*** Finance is only available to UK residents aged 18 or over, subject to status. Terms apply.

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