Home Lifestyle PropertyHome Improvements Solar panels to pay for themselves 5 years faster following October price cap rise

Solar panels to pay for themselves 5 years faster following October price cap rise

by LLP Finance Reporter
2nd Sep 22 2:22 pm

MakeMyHouseGreen.com, which uses smart data to calculate savings made by green technology, have announced the result of a new study that analysed the effect of the October energy price cap on solar panel payback times.

According to the study, which looked at customer savings, solar panels are becoming increasingly affordable as energy prices continue to rise.

Llewellyn Kinch, co-founder of MakeMyHouseGreen and UK energy auto-switching service Switchd, says on average, household savings through solar panels are projected to increase by 94% after the new price cap takes effect.

Kinch says: “UK households are facing record high energy prices from October, causing the payback period on solar panels to go down by 5 years. Those lucky enough to afford solar panels can choose to take advantage of the situation by investing in solar panels while they’re able to see a quicker return on investment.”

Notably, all of the sampled households saw an improvement in payback time of at least 3 years. Most saw an improvement of over 4 years. On average, the new energy price cap was found to improve the payback period by 5 years.

As the cost of living crisis continues, this is making solar panels look increasingly attractive as a means of saving money every month for those able to afford the investment.

One MakeMyHouseGreen customer in Guildford was quoted for a system of 6 panels on his South East facing roof, and 2 on his South West facing roof, along with a battery storage system. His annual savings were predicted to be £552 per year after the April energy price cap, but are now predicted to be £1338 per year. This has improved the payback time of the system by over 142%, or almost 8 years.

Kinch says: “Now’s a good time to invest in solar panels. The increase to the cost of energy presents an incentive for households to take control of their energy generation, and an expedited return on investment makes it possible for more households to do so.”

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