Purchasing solar panels is a one-time investment – but a major one. That’s why it’s good to know the payback period of solar panels. We fully understand that. Even if you choose to rent solar panels, you will have to deal with a payback period (albeit several years after you have benefited from your solar system). The payback period is when you have saved as much as you invested in solar panels thanks to the solar energy generated. What is the payback period?
Investing in solar panels is always a good decision. In addition to saving money, you will be less dependent on the traditional energy grid. This outdated energy grid relies largely on power generated from fossil fuels. Here at Soly, we want to change that. And we’re sure you do as well. That’s why ever more British households are opting for solar panels as a green and sustainable alternative. What is the payback period of solar panels?
If you prefer to purchase solar panels, you’ll be making a big investment up front. But an investment you are sure to recoup later on. Sometime in the future. In order to determine the payback period, we first need to know the cost of the solar panels and what your expected yield will be. Please read more below.
First, you need to know how many solar panels you will need. This is based on your current and/or expected annual electricity consumption. Using our Solar Configurator, you can immediately see roughly how much money you will save each year.
Have you gone through the steps of the Solar Configurator and decided to purchase solar panels from Soly? Once the panels are installed, you will start saving immediately. In the above example (nine solar panels), you will save over £ 1,200 annually on your energy bill depending on current energy prices.
The only thing that can fluctuate now is the current market energy prices. These will affect how much you can save with your solar panels. Energy prices have recently been quite erratic – and quite high. That means solar panels are particularly interesting right now, especially if you will be able to inject power back into the energy grid. This also has a considerable influence on the payback period of your solar panels.
An alternative to purchasing solar panels is renting them. With this unique concept, you can have solar panels installed on your roof free of charge. You will then start paying a fixed monthly rate for the rental of the solar system. Think of it as a “subscription to the sun”. You get all the advantages of solar energy without having to pay upfront. Even when renting solar panels, the yield is always higher than the monthly rate.
The payback period starts later
Unlike purchasing solar panels, when renting solar panels, you do not directly have a payback period. Initially, you will only make money. Under normal circumstances, you rent the solar panels for 10 years. After this, you can take over the installation at a reduced cost per solar panel. After that, you will be able to enjoy a fully functional and cost-effective system for at least another 20 years. Solar panels of the highest quality and with good yields.