As awareness about global sustainability efforts grows stronger, technologies such as solar power systems are getting more recognition for the value that they bring. In the past ten years, the cost of installing solar panels has dropped by 60 to 80%, making it more affordable to property owners.
According to data from MCS, a respected standards organisation for renewable energy based in Warrington, there are about 1.2 million households in the country today using solar power.
Faced with an emerging energy crisis, UK home and business owners have much reason to consider converting to this alternative power source. The benefits that one can get from it may be more than you think. Read on to find out.
Savings from your electric bill
The electricity that comes from the grid comes from power plants which we pay to generate it. Solar energy comes from the sun and is free. All you need is the contraption that will enable you to harness it and plug it into your house.
On average, solar panels can cut your electricity bill by around 25%. However, this depends on numerous factors including the efficiency of the system and your rate of consumption.
You will use it for a long time
Solar panels may look delicate and fragile but they are actually very robust. They are basically built to be as strong as your roof itself. Solar companies have developed them to withstand tough weather including strong winds, heavy downpours, and even hail.
Most systems have a lifespan of 25 to 30 years. This gives you more than enough time to cover the cost of your investment. Make sure that you get your panels from a registered provider that upholds international standards as cheap versions tend to depreciate faster.
Easy to maintain
Aside from its long life span, solar power systems require very minimal maintenance. Unlike cars, ventilation systems, and water valves, solar panels do not involve any moving parts. Their construction and operation are relatively quite simple and therefore less prone to wear and tear.
To be safe, it is recommended to have your system checked by a technician at least once a year. Aside from this, the most you would likely need to do is rinse the panels whenever they collect dust or sweep off leaves and other debris when needed.
It increases the value of your property
Installing a solar power system is considered an upgrade and will very likely increase the net worth of your property. Such a feature is taken into account by appraisers when you have it assessed for selling.
Different surveys and studies reported that solar panels can boost the house’s value by an average of 4.1%, climbing up to 14%.
You get tax exemption
As support to citizens who embrace sustainable energy and in a bid to alleviate the shortage in power supply, the UK government has granted VAT exemption for solar panel installations. This was made into effect last year and will remain applicable for the next five years or until March 2027.
Cost of installation
In the long run, solar power systems will yield much ROI. However, it cannot be disregarded that installing a unit for your house requires a big outlay. The pricing can vary widely depending on the required power and the size of the house.
The smallest units start at around £2,500 but most homes would usually go for systems ranging from £4,000 to £6,500. This can climb up to £10,000 for bigger properties.
It is limited to daytime use
Solar panels can work relatively well even when they don’t get the sunlight directly such as during an overcast or even a winter storm. However, they cannot operate at night. At a fixed time schedule, the power shifts to the grid and only reconnects to your panels in the morning.
Suitability of your roof
The efficiency of your solar power system will highly depend on your roofing conditions. There are three key factors: surface area, angle, and orientation.
Solar panels are practically nets that catch the sunlight. The wider they are, the more sunlight they can collect. The most typical systems need a minimum of 20m2. More space is needed if you needed a stronger supply.
The angle of the roof is also important. Based on a study by Stanford University, solar panels are most efficient at an angle of 34°. In most cases, installers will apply brackets to set the panels at the optimal position, but it will be much easier for them to achieve this if the default angle of your roof is close to this, more or less.
To get the most out of your system, your panels must also face the right direction. The ideal orientation for UK houses is towards the south as this will receive the most sunlight throughout the day. If not south, then east or west-facing surfaces can also be considered. However, these usually operate at about 15% less efficiency.
Sign up to join our upcoming event, The Property Income Builder!
Discover no money down property investment strategies, including REITs, joint ventures, rent-to-rent, and more.
Read More
In this blog, we’ll explore the key factors to consider when selecting a property event and how it can help you on your journey to...
Read More
Learn how rent to rent works, its pros and cons, its legalities, and how to find suitable properties.
Read More
Whether you want to flip houses, grow your rental portfolio, or find your perfect home, auctions offer great chances to grab a deal. Here are...
Read More
Claim Your Free Copy
Assets For Life LTD is a company incorporated in England and Wales with registered number 09935286 and registered offices at Assets for Life Ltd, Suite 105, Waterhouse Business Centre, 2 Cromar Way, Chelmsford, Essex, England, CM1 2QE, United Kingdom.
Assets For Life LTD is registered with the Information Commissioner’s Office, with registration number ZA280607
COPYRIGHT © 2024 ASSETS FOR LIFE, ALL RIGHTS RESERVED. WEBSITE BY AMPLIFY MARKETING
