With the cost of living crisis rumbling on and showing no real signs of stopping as of yet, finding ways of reducing energy bills and saving money is fast becoming paramount for many around the UK.With the cost of living crisis rumbling on and showing no real signs of stopping as of yet, finding ways of reducing energy bills and saving money is fast becoming paramount for many around the UK.

Figures from the Office for National Statistics show that in the 12 months leading up to March 2023, electricity prices in the UK climbed by 66.7 per cent, while gas prices were up 129.4 per cent. As a result of this price hike, 54 per cent of us said they’re now using less fuel in their homes.

Energy costs are one of the biggest concerns for many at the moment and if you are worried about meeting your bills now or in the future, you may want to consider investing in a solar PV system for your home or place of business. After all, the cost of simply doing nothing could cost you more than you think in the long run. For example, if you currently spend £100 per month or £1200 per year on electricity. With an annual increase of 7.02% per year, after 25 years you would have paid over £76,000 for running your home.

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Solar PV coupled with battery storage, is one of the best ways to go about reducing your electricity bills, as well as your carbon footprint. On average the cost for a complete solar PV system will set you back around £10,000. Whilst this initial high investment may put many off from getting solar for their property. Bear in mind, over that same 25 year period you will actually save over £20,000! Breaking even on your initial investment at around 9 - 10 years. This is achieved by significantly reducing your dependency on National Grid, plus you may even be able to make a bit of money through the Smart Export Guarantee (SEG),by receiving payments for any extra energy you sell  directly back into the National Grid from your energy supplier.

Sunlight is a free and renewable source of energy, once you’ve paid for the initial installation, you should start to see your electricity costs coming down. . During the summer months your solar PV system will most likely be producing more electricity than your property needs and thus only paying your daily standing charge. In this instance, this surplus energy will either be sent directly to your battery to use on an evening or is exported and sold back to the grid. Currently, we find the Octopus Flux Tariff gives our customers the most value for any electricity sold to the grid. With a whopping 36.5p kWh at peak times as of spring/summer 2023. . It is also worth noting that during the winter months you will still be able to generate sufficient amounts of power to your home so your dependence on the grid will be lower too, especially if you include a battery storage option in your solar PV system. This is because most solar panels installed today are also Monocrystalline and have a higher level of efficiency as they absorb more types of light. 

It seems as though solar is now proving to be a particularly attractive option for many people during the cost of living crisis, with industry figures showing that the number of households opting for rooftop solar panels hit its highest level in more than seven years at the start of 2023.

Between January and March, over 50,700 households installed these systems, which was more than double the number that was seen at the same time in 2022. It’s also the highest figure since late 2015, the Guardian reports.

Solar PV offers a compelling solution for reducing energy bills while promoting sustainable and clean energy generation. By generating your own electricity, taking advantage of battery storage and exporting excess to the grid, you can achieve significant savings over time. Investing in solar panels not only provides immediate cost benefits but also long-term financial advantages and protection against rising energy costs. Embracing solar power is not just a smart choice for your wallet, but also for the environment. So, why not harness the power of the sun and start reducing your energy bills today? 

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If you’d like any further help or advice relating to these systems, get in touch with the Solar-Techs team today.

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