Financial Return On PV Energy Savings Trust Report

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A report published yesterday by the Energy Savings Trust gives prospective PV customers imparcial advice on the performance and return they should achieve from a PV system. The report is copied below or can be accessed from here. Lothian Solar are currently offering 3.5kWp systems from £5350 fully installed.

New data shows increased savings and income from solar PV installations

  • Solar panels getting bigger and cheaper
  • Savings and income increase from £540 to £635 per year

New data from the Energy Saving Trust has revealed that the average combined savings and income made from households installing solar PV panels has increased by nearly £100.

Previous data prior to 1st November this year indicated that the average combined savings and income for households installing solar PV panels was around £540 per year; however, new figures show this has increased to £635.

Energy Saving Trust, who assessed the data, indicate that the main reason for this increase in income and savings is due to the average size of the solar PV installations increasing, even though the Feed-in Tariff rate has dropped. 

Ian Cuthbert, renewables expert from the Energy Saving Trust, says, “The average size of solar PV installations has increased from 3kWp to 3.5kWP, which basically means households are generating more electricity and therefore more savings and Feed-in Tariff income. It is clear that UK households are increasingly looking to get the maximum yield for their roof to maximise the benefits of the solar installation.”

The updated solar figures have been published alongside new survey findings from the Energy Saving Trust which shows a third of people in the UK have been approached with solar panels in the past year but only four per cent chose to purchase them. 

Ian Cuthbert says, “We hope the latest data and figures will provide householders, whose homes are appropriate for solar panels, with the reassurance that they will be making significant savings and income as a result of the installation.  These savings could be even higher if householders take steps to reduce the amount they export to the grid by shifting some of their electrical demand to during the day when the solar PV system is generating. For example, using the washing machine during the day instead of at night.

“It is also important for installers to be offering the right measure in the right home alongside the right advice to ensure that trust continues to be built between them and householders who could benefit from solar installations.”

Energy Saving Trust worked out the new figures for solar PV installation income and savings through the following: 

  • Annual generation, income and savings calculated using the Energy Saving Trust’s Solar Energy Calculator
  • Generation tariff of 15.44p/kWh and export tariff of 4.5p/kWh
  • Home with a roof tilt of 40 degrees and roof orientation precisely south facing
  • Home with a 3.5kWp system would generate around 3000kWh
  • Average installation price of £7,600 including VAT for a 3.5kWp system. This figure is the average contract value for the period June – September 2012 though householders may end up paying significantly less at time of this press release as costs continue to fall
  • Assuming 75% export of energy and 25% onsite savings
  • Assuming property has an Energy Performance Certificate (EPC) band D or higher

When looking to install solar panels, the Energy Saving Trust has produced the following recommendations and guidance to help households:

  • Visit the Energy Saving Trust’s Solar Energy Calculator to find out how much you could save and earn through solar panel installations. 
  • The Feed-in Tariff rate will depend on both your eligibility date and your property’s Energy Performance Certificate (EPC) band. Band D or higher will receive the higher rate of FITs. Band E or lower will receive the lower rate.
  • Call the independent Energy Saving Advice Service on 0300 123 1234 for free impartial advice on:
    • How to find an approved installer
    • What rate of support you could get from the Feed-in Tariff
    • Other things you can do to save energy and cut your bills
  • Make sure you only install MCS-certified products and only sign a contract with an MCS-certified installer that is also a member of the REAL Consumer Code. 
  • Make sure you get at least three quotes before signing a contract.
  • Remember you have a 7-day cooling-off period in which to cancel the contract without penalty.
  • Never pay more than 25 per cent of the contract price up front, and check how the funds will be protected.
  • Make sure you read the REAL guidance before signing a contract.

Find out more about the latest solar PV panel installation figures. 

ENDS

 

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