How much do Solar Panels cost?

At MIG Renewables, one of the questions we hear most often is “How much is this going to cost?” It’s an understandable and sensible question; solar panels are a long-term investment that are not inexpensive. However, they’re among a handful of investments that will not only pay for themselves over time, but can also make you money and add to the value of your home. The only way we would be able to offer an accurate quote would be to inspect and assess your home, before doing a few sums. However, because we like to be completely transparent to our customers, we thought we’d let you in on some of the things we consider when working out what the cost will be.

  • Your electrical system. The short answer to this consideration is that the more electricity your house uses, the more panels you’ll need to supply that demand. On one hand, it does mean that this will cost a little more – but it also means that, in the long term, the savings will be greater. In general, a household needs around 21 square meters of solar panels to supply a 3KW system. Depending on who you use, this can cost between £4,000 and £6,000.

 

  • The long-term benefits. As part of our assessment, we take into consideration factors such as house location, size, roof space and how much sunlight a home gets. If you consider that the average system for a house is 3KW, you next need to consider the possible savings that installation will offer. Using 3KW as a rough guide, you can expect to earn £400 per year from the Feed-In Tariff. In addition, any electricity that goes unused can be sold back to the National Grid, which should bring in around £70 per year. On top of that, there’s an average saving of £100 per year to be made from energy bills.

 

  • The value of your home. This is something we enjoy telling our customers: adding solar panels you your home can add around 5% to its value. Of course this depends on size and system, but the bottom line is that there is a hidden advantage to adding solar panels.

 

If you have any questions about whether solar panels are for you, get in touch – we’re always happy to help.