Date: 30th March 2023

Solar Panels: Are They Worth It in the UK in 2023

Is it still worth installing solar panels UK?

If you are considering installing solar panels in Grimsby, you might be wondering whether they are worth the investment in 2023.

The short answer is yes, solar panels are a great investment in 2023. They not only save you money on your electricity bills, but also help reduce your carbon footprint and contribute to a sustainable future.

Benefits of solar panels

The benefits of solar panels are numerous. First and foremost, they can save you money on your electricity bills. By generating your own electricity, you can reduce or eliminate your reliance on the grid, which means you will be paying less for electricity.

Not only that, but solar panels also increase the value of your property recent research has shown this could add as much as 14% to your property value. Many homebuyers are looking for energy-efficient homes, and solar panels can help make your home more attractive to potential buyers.

Another benefit of solar panels is that they are environmentally friendly. By generating your own electricity from the sun, you are reducing your carbon footprint and helping to combat climate change.

Are there any costs involved in installing solar panels?

Yes, there are costs involved in installing solar panels. However, the cost of solar panels has decreased significantly in recent years, making them more affordable than ever before.

The cost of solar panels will depend on a number of factors, such as the size of your system, the type of panels you choose, and the installation process at Wil-Lec GRP Ltd our 4k solar panel systems start at just £5999

However, it is important to keep in mind that the long-term savings from solar panels far outweigh the initial costs. In fact, many homeowners find that their solar panels pay for themselves in just a few years.

How much can you save with solar panels?

Octopus Energy recently launched their Outgoing Octopus fixed rate Smart Export Guarantee tariff at 15p per (fixed currently for one year), kWh a 200% increase on their previous 5p per kWh tariff, this has made a big difference to payback periods for solar panel installations in 2023.

The amount you can save with solar panels will depend on several factors, such as the size of your system, your energy usage, and the amount of sunlight your panels receive.

A typical south facing 4kWh solar panel system in North East Lincolnshire should generate approx. 2800kWh per year.

If you are at home for most of the day and can use all the solar panel generated energy then you could reduce your energy bill by £952 per year, 2800 x £0.34, making the payback period just under six years.

If you are not home most days and we assume a split of 70/30 (used/exported) we will see a reduction on your energy bill of £792 per year, making the payback period 7.5 years. We calculate this as follows -

2800kWh x 70% usage = 1960kWh x £0.34 = £666
30% exported 840kWh x £0.15 = £126

To be accepted for Outgoing Octopus fixed rate 15p per kWh you must also swap your energy supply to Octopus, as the majority of current electricity tariffs are capped by the governments energy price guarantee the price should be around the same price. If you are still tied into a fixed deal from 2022 then you may need to do your own calculations.

For a FREE solar panel quote simply fill out our contact form or ask us a question via our Facebook page.

Formed in 1997 Wil-Lec GRP Ltd have over 10 years’ experience installing solar panels from small homes through to large industrial units/factories.

Gary Stafford Marketing Assistant