Most property owners who are thinking of installing solar panels may be understandably concerned about the overall cost of the installation. Well, there’s no denying that it’s an investment, as a single panel can cost between £350 to £500, but the cost of your investment can still vary based on your system type and size. One of the most popular sizes for domestic installations is 4kW, and this has an estimated total cost of £6000, covering about 29 sq. metres of roofing. But did you know that the cost of a solar panel installation has already fallen significantly in recent years? The top reasons for this include more manufacturers and more advanced technology, among others. But there are other facts you should know regarding the cost of a solar panel installation as well as whether it is really worth it. Here, then, is your ultimate guide.
The Costs Based On System Size
As mentioned, a 4kW system can cost around £6000 to £8000, although a smaller 3kW system cost can vary between £5000 to £6000. If you opt for a larger-sized 5kW system, this can be between £7000 to £9000, while an even bigger 6kW system can be from £8000 to £10,000. The number of panels you can expect with a 3kW system is 12, and with a 4kW system, it would be approximately 16 panels. A 5kW system would often have 20 panels, while a 6kW system would have around 24 panels.
But what’s more important to note is what you will save on your electricity bills. For a 3kW system, you can expect annual savings of about £160, and with a 4kW installation, your savings can go up to £270 annually. A 5kW system can save you as much as £320 per year, and a 6kW system can save you up to £430. After 25 years, your savings on your electric bills will add up, and this will already make up for what you have spent on your system.
Of course, these numbers will vary and are calculated depending on the average energy consumption of households. The estimates can be quite broad, and the figures can vary depending on the size, quality, and kind of installation you have. Remember this: if the system you chose generates more energy, it will often have a higher installation cost – but your savings will also be significantly higher in the long term.
How Much Can You Really Save?
The savings on your electric bills can vary from £160 to £430 per year, but as stated, this can also differ depending on the household and your installation type and quality. Overall, however, your savings will also depend on other factors, such as whether you make use of appliances and gadgets during the daytime when your solar panels are actively generating energy, and how efficient your panels are. It will also depend on whether you generate extra income based on a funding scheme you have joined, as specialists in roof solar panels such as Atlantic Renewables attest.
How You Can Save More
There are some particular ways you can save more, and one of these would be using appliances while the panels are working during the day. You can also go for more efficient panels – monocrystalline ones are more efficient, while polycrystalline ones are not as efficient but less expensive.