Solar customers make daylight savings on energy bills
With a third of households (32%) already finding energy bills unaffordable, new findings from uSwitch.com show that 70% of households believe solar panels are a good way of lowering energy bills. In fact, with two thirds of those with solar panels (66%) having cut their energy bills by an average of £82.20 a month, uSwitch.com urges consumers to consider switching on to solar.
With each of the big six energy providers rising prices twice in the last year alone, and energy bills expected to continue to rise in the long term, it is unsurprising to find that four in five (78%) of those with solar panels installed them to protect themselves against future price hikes.
But while cutting costs is the main reason to get solar, it is not the only reason. Of those with panels, more than seven in ten wanted to make money from the Feed-in-Tariff (FIT), while six in ten (62%) wanted to do their bit for the environment. And with savings rates so low, four in ten people (37%) think that solar offers a good return on investment. However, amongst those with solar, this increases to more than seven in ten (71%), while more than four in ten (43%) of solar customers wanted to add value to their property.
However, although nine in ten (88%) who installed solar panels would recommend them to their friends and family, not everyone is singing their praises. One in ten of all consumers (10%) think fitting the panels are more effort than they're worth, and over half of households without solar power (58%) believe that it is just too expensive.
But those worried about the cost of solar can still enjoy the benefits of solar by taking out a solar loan - a new alternative to free solar. These loans, such as Engensa's recently launched SolarLoan, enable customers to get free electricity as well as making money from the Feed-in-tariff, with no initial outlay. They are paid back over 10 years, but enable consumers to earn money from FIT and benefit from reduced electricity bills for 20 years. With a solar loan households could earn up to £18,000 over 20 years with no upfront cost. Consumers could also look at getting free panels, which could cut your annual electricity bill by up to 50%.
Kevin Sears, energy efficiency expert at uSwitch.com, says: "With soaring energy prices and the rising cost of living, households are looking for new ways to cut costs. Solar energy provides a real opportunity to save around £80 a month on energy - something that consumers can't afford to ignore.
"With over half of households under the impression that solar power is too expensive, consumers should be aware of all the options available, including Engensa's new SolarLoan. With the SolarLoan, consumers can receive all the benefits of investing in solar, including making money from FIT, without any of the upfront cost.
"I would also urge the Government to better promote the benefits of solar. By doing all they can to ensure UK homeowners are well informed, consumers may become more plugged in to solar and reap the financial rewards."