Solar PV

How Long Does it Take for Solar Panels to Pay for Themselves?

residential solar panels

You might have noticed solar panels popping up on an increasing number of roofs across the UK. Your eyes aren’t deceiving you – solar panel installations more than doubled in the last year alone! So, why is this?

For one, solar panels are a fantastic way to cut down on your fossil fuel consumption. This reduces the amount of carbon released into the atmosphere, helping combat climate change and usher in a cleaner, greener future.

Solar panels have plenty of financial benefits, too. By lowering the amount of electricity you need to import from the grid, they’ll slash your yearly energy bills and boost your financial independence. You can even use them to generate passive income, thanks to the Smart Export Guarantee (SEG)!

With all of that considered, and with the price of solar panels falling by as much as 82% over the last decade, it is no surprise many people are looking to have them installed on their properties.

Of course, solar panels are still an investment. Before you make the switch to solar, you might be wondering how long it’ll take for you to repay the initial cost of having your new system designed and installed.

We are one of the South’s leading experts in all things solar. Below, we’ve broken down the amount you can expect to pay when having solar panels installed, how much you can expect to save on your energy bills on average, and the time you’ll have to wait before they recoup their costs.

How much do solar panels cost in the UK?

Because of technological advancements and changes in government incentives, the cost of solar panels fluctuates all the time. Generally speaking, however, you can expect to pay between £5,000-£6,000 for a typical 3kW panel system. For a 6kW panel system, the price can rise to around £9,000+.

These figures are only an estimate – the exact cost will depend on the system’s brand, size, potential output, and location. For a more accurate quote, your best bet is to speak to a professional. They’ll be able to survey your property and determine the cost of a solar system that meets your specific energy requirements.

How much can solar panels save you on your energy bills?

As with installation costs, the amount new solar panels can help you save on your energy bills depends on the size of the solar panel system, the amount of energy you consume, the orientation and tilt of your roof, and the amount of sunlight your property receives.

As a rough estimate, a typical household with a 3.5kW solar panel system can save between £190 and £465 per year on their energy bills at the current Energy Price Guarantee rates.

We also can’t forget about the Smart Export Guarantee. If you own a solar storage battery, you can sell any stored solar energy you don’t use back to the grid – this can earn you around £120 a year!

For a deeper dive, read through our guide to the money-saving potential of solar panels.

How long does the payback period for solar panels last?

That all depends on your system’s output compared to its installation costs. As a general estimate, the payback period for a typical solar panel system in the UK is between 6 to 10 years. After this payback period, the solar panel system can continue to generate electricity for another 15 to 20 years, providing many more years of savings!

Save with a high-performance solar system

Solar panels are one of the best home investments you can make, both for the planet and for your bank account. They save (and make!) you money year after year, all whilst helping shrink your carbon footprint. With prices lower than ever before, there’s never been a better time to make the switch to solar.

Our team specialise in designing and installing cost-effective solar systems for properties across the South. Our highly accredited team have hands-on experience installing bespoke systems for both residential and commercial properties, so no matter your energy requirements, you can trust us to design a solar system that meets them completely.

Get a free quote on expert solar panel installation online or call us 24/7 on 0330 124 2941!