Are solar panels a long-term investment?

If you are thinking about investing in solar panels, you may be wondering how long they might last. Let’s look at what you need to know.

When will my solar panels pay for themselves?

When you arrange solar panel installation Portishead through a renewables specialist such as redbridgeandsons.co.uk/solar-pv-panels/, one of your first questions will typically relate to the payback time for your investment. A good rule of thumb is that solar panel systems pay for themselves in about ten years, but this varies according to a series of influencing factors.

What factors affect the payback period for solar panels?

These factors include the following:

– The cost of your solar panel installation in Portishead.
– The size, location, angle, shading, and orientation of your roof.
– How much of the generated electricity you use yourself and whether you will export the balance and at what price.

If the system is more expensive upfront, this investment decision can be balanced with a calculation of the costs saved by using the renewable energy generated at the source, removing or reducing the need to buy electricity from a utility firm. It can also factor in income payments from selling excess energy.

These savings stack up over time but take around ten years on average, making it a medium-term investment rather than a quick win. It is good to know that solar panels can also add value to your property.

How to maximise your investment

You can maximise the speed of payback for your solar investment by securing the best SEG tariff, meaning you get paid the highest unit cost for the electricity you generate yourself. You can also maximise the energy you use during daylight hours. These steps will help to ensure you make the most of your solar panel investment whilst helping to support the environment with cleaner, greener energy.

When you contact a solar energy panel provider, they will be able to provide illustrated benefits for your particular installation. This will show you the costs and potential savings, plus income, for the system you are considering.