How much can you make from solar panels?
Making money from your PV panels isn’t guaranteed, and it could take a few years to recoup the purchase and installation costs. But you can certainly sleep easier knowing you’re reducing your carbon footprint.
According to the Energy Saving Trust’s Solar Energy Calculator, for an electricity bill of around £49 a month, the typical payback time would be about 20 years, and your net profit might be around £880.
And, even though a typical solar power system could generate roughly all the energy needs of a home in the south of England – 80% in Scotland – you’ll probably have to rely on the grid in winter or at night. So it might not be possible to have entirely free energy. Even the placement of your panels can have an effect on the amount of energy produced.
Aside from saving on your bills and selling your energy back to the grid, however, there’s another way to potentially make money from solar power. You can receive a government payment – known as a Feed-in Tariff – for the electricity you generate. Even if you use all of it yourself.
It’s worth researching current Feed-in Tariffs (FIT) when you’re looking into getting a system. To get the standard FIT rate for solar PV, your property needs to have an Energy Performance Certificate (EPC) of band A to D – A being the most efficient.
If your home’s in band E or lower when you apply, you’ll get a lower FIT, even if your rating subsequently goes up. So, it’s worth checking your EPC and making any improvements, before you apply.