Solar PV Cost 2023 - Are Solar Panels Worth It?
Solar PV Cost 2023 – Solar Panels or Solar PV as it is sometimes referred to has seen massive growth this year (2023) in the U.K, mainly as a result of increase in energy prices for electricity. A Solar Panel installation offers a number of benefits, such as lower energy bills, government incentives, and the ability to sell excess energy back to the grid (Smart Export Guarantee). While these benefits have long been established, many people have been resistant to make the transition to solar panels because of the high upfront costs and capital investment needed.
However, due to the increase in demand and popularity the average price of a Solar Panel installation has actually fallen as the market is flooded with new installers and manufacturers all wanting a piece of the action. So, what is the cost of a Solar Installation in 2023? The first cost to consider is the price of the solar panels themselves. Solar panels have fallen sharply in price over the last decade, with the average cost now below £5000. In comparison to ten years ago when the average costs were in excess of £15,000, it’s easy to see why solar panels have become such a popular option.
How Much Do Solar Panels Cost?
Solar panels aren’t cheap. The Energy Savings Trust estimates that installation will set you back £6,500 for a three-bed semi-detached house with four occupants, according to figures it released in March 2022. These figures will really depend on the size of your property, size of the PV system and whether you include battery storage with your installation.
The most popular solar panel system size is between 3.6kWp and 4kWp, according to our survey of more than 1,000 solar panel owners.* This size of system generates 3,750kWh of electricity per year, on average for owners. For comparison, a home using a ‘medium’ amount of electricity gets through 2,900kWh per year on average, according to energy regulator Ofgem. A ‘high’ user takes 4,300kWh per year.
Solar PV Installation Cost
Installing a Solar PV system in 2023 will set you back between £2500 – £5000. Again, this really does depend on how complex your installation is and the number of panels being installed. A typically 3.6kw solar PV installation will cost between £6500 – £8000.
Solar Panel Maintenance Cost
The next cost to consider is maintenance. Solar panels are very low maintenance, with most manufacturers offering a 25-year warranty. There are no moving parts so there is little that can go wrong and they should continue to produce electricity for many years after the warranty has expired. However, it is still important to have a plan in place in case any problems do arise. For example, you may need to occasionally clean the panels and check the connections to make sure they are secure.
Solar panels provide a long-term solution to your energy needs. Once they are installed, they will continue to generate electricity for many years so that, over time, you will make significant savings on your energy bills. In addition, solar panels increase in efficiency as they get older because they become better at converting sunlight into electricity so that you will actually generate more electricity per panel as time goes on.
Of course, solar panels do have a limited lifespan and will eventually need to be replaced (although this is usually after 25 years). However, by this time, the technology will have improved and so the replacement panels will be more efficient and so will generate even more electricity than the ones they replace.
The Benefits of Installing Solar Panels in 2023
- A standard 4Kw Solar Panel installation could reduce your electricity bill by 80%
- Installing Solar Panels is quick and easy and often fit and forget technology
- You can earn money from your energy company for exporting back to the grid
- Inverters come with a manufacturers warranty of 12 years
- Solar Panels have a linear performance guarantee of 25 years
Solar PV Cost 2023 - Conclusion
When deciding whether solar panels are the right choice for you, there are various things to consider, including?
- How much do solar panels cost?
- How much does it cost to have solar panels installed?
- How much money do solar panels save?
As you can see, the potential savings from installing solar panels far outweigh the initial cost, making them a great investment for your home. In addition, solar panels have a number of other benefits such as reducing your carbon footprint and helping to slow down climate change.
