Investing in solar energy can be expensive. The cost varies depending on where in the UK you live, the installer you choose, and the panels you want. Most people should expect to pay around £7,000 for a typical solar system.
However, after the initial installation you can expect your solar system to last for 25 years. In this time, it’s unlikely your system would need much maintenance. Usually, the manufacturer’s warranty will cover any faults with your solar panels (but always check this is in place before going ahead with your installation). The inverter in your solar system will likely need to be replaced after around 10 or 12 years. You can expect to pay around £800 to replace your inverter depending on the size and manufacturer of your system.
During the times when your solar panels generate more electricity than you can use, you can sell your surplus back to the grid through the Smart Export Guarantee (SEG). This will help you reduce your energy bills further and speed up the payback time for your installation costs.
Neal McCay installed solar panels on his home and began to see financial savings, saying: “My earnings from generation are now around £1,800 per annum tax free and I also benefit from free electricity during the day. So, my electricity bills are now only a small fraction of the above earnings.”
The amount of money you’ll save on your energy bills, and how quickly you can expect to earn back the cost of installing solar panels can often depend on several factors, including the direction of your roof, where in the country you live and how much time you typically spend at home during the day.
To find out how much money you could typically save from installing a solar system at home, read our in-depth guide.