Thinking about getting solar panels? Our guide will tell you everything you need to know, as well as how they’ll affect your insurance.
Solar panels allow you to save up to 50% on your electricity bill. You can also benefit from the Government’s ‘feed-in tariff’, where energy suppliers pay you for the electricity you generate. Rates were slashed in 2016, but the average home can still earn £150 per year – Ofgem publishes the rates every time they are updated. The more solar panels you have, the more electricity you’ll generate.
Solar panels are more affordable than ever before. Depending on their size, type and energy efficiency, they cost anywhere between £1,500 and £8,000 to fit.
Once installed, solar panels need little maintenance and can last 25 years or more. Keeping the panels clean and out of tree shadows will help.
Given the high cost of installing solar panels, doing so is only really worth it if you’re planning to stay in your home a long time. While some people worry that solar panels will devalue their home, lots of buyers will see the benefits, including:
It’s sensible to contact your insurance provider before you go ahead and install them and ask how solar panels will affect your insurance.
The good news is that many insurance providers will tell you that they are covered and there’s no change required to policy or premium. However there have been cases of people being refused insurance after fitting them, so do check.
Most solar panels will be covered under your buildings insurance, as they’re part of the fabric of the house. So, it’s wise to make sure the sum insured is enough to replace them if it ever came to it.
Don’t panic. Shop around as there are plenty of insurance providers who will cover you. At Compare the Market you can easily compare the costs of home insurance and save money – 50% of our customers save £94 with us, while 10% could save up to £289**. Why not see if you could save?
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