Findings from the research revealed that searches for ‘solar panel installation’ tripled from July to August, with interest in this now six times higher than in September 2021. Wind turbines are also proving popular, with monthly searches increasing.
With the announcement of further energy price increases compounding the existing cost of living crisis, more Brits are looking at green energy investments to save money on energy bills.
Despite substantial upfront costs, investing in green energy sources is something more people than ever are researching.
Wind vs Solar
While wind power is front and centre of the UK’s push towards renewable energy on a national scale, on a household level, wind turbines are simply too expensive for most, despite searches for ‘wind turbine for home’ increasing throughout the summer.
Solar panels are a more viable option, and thanks to their lower cost begin to pay for themselves sooner.
How much the average householder saves, and when:
Based on an energy price cap of £2,500, a solar panel system for an average terraced house would save £3,621 over five years. This makes solar panels an attractive investment for people who want to reduce their energy costs while at the same time as benefitting the environment.
Four key considerations when purchasing solar panels:
1: How much power do you need to generate? This will guide the size of panels needed, and how many of them to install. An average terraced house would be looking at 12 4.2kW panels, but be sure to find what is right for you. This depends on your energy usage, the number of hours the panels would be exposed to the sun, and the size of your roof. Resources such as the Energy Saving Trust’s calculator can help you determine what you need.
2: Find out if your installation plans would be classed as permitted development or if they require planning permission.
3: DIY or professional installation? Installing the panels yourself will save money, but if you’re not confident, it may be wise to install them professionally.
4: Can you afford them? Solar panels are a sizeable investment with an average set-up costing around £6,5000. Even though they pay for themselves over their lifetime, you need to be able to cover the initial outlay. Home improvement loans are available if you don’t want to or can’t pay upfront, but you must ensure you can afford the loan repayments.
Paul Stringer of Norton Finance, says: “Since energy prices began to rise in the second half of 2021, we’ve recorded a steady stream of applications for home improvement loans. This reflects the nation’s quest to reduce household energy costs despite inflation pushing up initial installation costs.”
