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How Much Money Can Solar Panels Save You?

Aside from providing additional value to your home, investing in solar power panels in Scotland is a great way to save money on electricity bills and reduce your carbon footprint.

Solar energy allows you to generate your own power, reducing your reliance on the grid and potentially saving a lot of money over time.

But exactly how much money can you save with solar panels?

The answer will depend on several factors, like your home’s size, current energy consumption, and the amount of sunlight your location receives.

This blog post will look at how much money you can save with solar panels and what you need to know before investing.

Installing Solar Panels

Unfortunately, before you can save money, you must spend it. The solar panels cost-effectiveness of solar panels can vary depending on several factors, such as location, weather conditions, size of the system, and energy usage.

On average, the cost of solar panel installations for a 4kW solar PV system in the UK is around £5,000 – £10,000 (including VAT). Although that may seem like a lot, it’s important to remember that solar panels require very little maintenance and can last up to 25 years or more.

You may also be eligible for government grants and incentives that can help reduce the cost of your installation.

Savings By System Size Per Annum

It’s essential to understand that the amount of money you can save with solar panels in Edinburgh depends largely on how many solar panels you install.

Smaller systems bring minor savings, while larger ones can significantly reduce your energy bills.

  • 3 kW system = £160
  • 4 kW system = £270
  • 5 kW system = £320
  • 6 kW system =  £430

By analysing your household’s energy consumption habits and working with a reputable solar panel provider such as The Edinburgh Boiler Company, you can determine the best system size to generate electricity and enjoy long-term savings while positively impacting the environment.

Smart Export Guarantee (SEG)

As renewable energy sources become increasingly popular, the government has implemented a program that rewards you for generating your own electricity solar panels produce. You can earn money through the Smart Export Guarantee by selling any excess energy back to the grid. 

Not only will this help you reduce your carbon footprint, but it can also save you money on your energy bills. It’s a win-win situation for both your wallet.

Where You Live

The UK can be a tricky place when it comes to solar panels. Where you live can make all the difference when it comes to how much money you can save.

Regions that receive more sunlight will see a greater return on investment. The South of England is a prime location for solar panels – those living in this region can expect to save more on energy bills each year.

However, even those in cloudier, northern regions such as Edinburgh in Scotland can still benefit from solar panels. While they might not save as much as those living in the sunshine, they will still make significant savings in the long run.

Plus, those living in Scotland can benefit from their own personal solar panel grant called Warmer Homes Scotland, which will help you with the funding towards your solar panels if eligible.

The Warmer Homes Scotland scheme is a government-funded grant designed to help make homes in Scotland warmer, more comfortable and less expensive to heat. It offers funded heating and other energy-efficiency improvements, such as renewables, to eligible households across Scotland.

Is It Worth It?

Solar panels in Scotland can be an excellent way to reduce your monthly bills and save money. Over the long term, you could achieve a return on investment depending on the size and scope of your solar system.

Furthermore, installing solar reduces your energy dependent on electricity sources that are often carbon-intensive and detrimental to the environment.

With advancements in technology improving the efficiency of solar systems, now is a great time to book a free solar panel survey and invest in renewable energy sources such as solar panels today.