by Harriet Bond
As individuals throughout the UK continue to develop their sense of social and environmental responsibility, the demand for solar panels in the UK is gaining steady momentum.
The only stumbling block for many is the often prohibitive upfront cost of purchasing and installing residential solar panels, as the majority of UK households simply do not have between £4,000 and £8,000 available with which to make such a purchase.
Affordable Ways of Embracing Solar Power
This does not need to be the case, however, as there are methods of reducing the overall cost of purchase and installation. Consider the following: –
• Time your Switch to Solar Power with Precision:
Inflation is a constantly changing financial principle, and one that grows every single year regardless of the economic climate. This therefore applies to the cost of solar power and monthly usage in the UK, with electricity feed in tariffs set to rise by 2% every year from 2013. With the basic cost of electricity forecasted to rise and 2.6% per annum between now and 2030, however, it is worth attempting some calculations to determine the exact time of your proposed switch.
• Evaluate the Bottom Line Cost of Solar Panels:
Since the launch of the much vaunted FIT scheme, the cost of solar panel installation has fallen sharply. With the cost of an industry standard 3kWp system having dropped from £8,000 to £7,700 in the last 12 months alone, there are clear signs that this trend will continue for the foreseeable future. So conduct thorough research into the market and perform your own financial forecasts, as this may help you to secure the best and most affordable deal.
• Consider the Potential Returns and Profitability:
Of course, the installation of solar panels can only be considered as being cost effective once it has repaid any initial financial outlay. The length of time this takes is dependent on several factors, with inflation, bottom line cost and your energy usage all key considerations. In order to guarantee a truly cost effective installation and performance, you need to consider your circumstances as a whole and determine whether it is an investment that can deliver tangible rewards.
The Bottom Line
On paper, the installation of solar panels is sure to provide a cost effective and sustainable energy solution for the next decade and beyond. Life is not lived on paper, however, and it is your duty as a responsible adult to calculate the short term and long term finances involved in order to generate the best financial savings possible. Timing your purchase correctly is crucial, so pay careful attention to the market and its prevailing trends before you make a financial commitment.
Author Bio: This article was written by Enerfina. To discover more about solar panel installation, its bottom line cost and electricity feed in tariffs, visit the firm’s website today.
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