What Is the Cost of Solar Panels in the UK?
Solar panels are an investment for your home, and they have many benefits, such as lower energy bills, a constant supply of renewable energy and reducing your carbon footprint. But how much should you expect to pay?The average UK home requires a 4kW solar panel system, which typically consists of around 10 panels and costs around £7,000. You can expect between £100 and £500 per panel, with factors such as increased solar power output and efficiency generally upping the cost of solar panels, so your choice of panel type will affect the bottom line.What is a reasonable price to pay for solar panels?When choosing the best solar panels for your needs, there are a variety of critical features to consider, and this includes cost, time it takes to break even from your panels, and when you will earn money back. Factors such as panel efficiency, power output and product warranty can all drive costs up. With that being said, it can take several years to break even from solar panels, however, the time is continuing to reduce. The average cost of solar panels in the UK is £7,000 for a 4kW system, which would mean it will take around eight years to break even. The good news is, you can start to earn money from them straight away by selling excess energy back to the National Grid via the Smart Export Guarantee Scheme (SEG) – this earned cash could also help pay off your panels quicker.Are solar panel systems getting cheaper?Yes. A 4kW system selling for between £5,000 and £8,000 in 2018 cost nearly £15,000 in 2010. And that cost is predicted to fall further, for a number of reasons:Falling production costsAdvancements in technologyGreater competition between manufacturersIncreased use across major green infrastructure projectsHigher demand thanks to government incentives such as the Feed-in-TariffFactors affecting solar panel costs in the UKThe estimated costs of solar panels is what you can expect based on the system you choose. However, the cost of installing solar panels for your specific home will depend on the following factors:1. System sizeSolar panels come in various sizes and the right size would depend on the size of home and individual electricity consumption requirements. Simply put, the larger the solar panel system is, the higher is the installation cost. An average system size of 4kW will cost around £6,000 to install. It’s also important to note that generally, the price per kW decreases the larger your system size is.2. Type of panelsThe three most common types of solar panels used for domestic purposes are monocrystalline, polycrystalline, and thin-film solar panels. Monocrystalline panels have the highest efficiency, but it also comes at a higher cost. If you’re looking to go with affordability, then polycrystalline may be the right type for you. The more efficient monocrystalline solar panels cost £1 to £1.50 per watt, whereas a polycrystalline panel costs £0.90 to £1 per watt.3. Installation processAnother factor that affects the cost of solar panels is the ease of installation. It is possible to either install the solar panels yourself or to hire a solar panel professional. When installing it yourself, you have to take into account the number of panels, the angling of the panels and the strength of the roof.However, despite being possible to do the installation yourself, you would still need to hire a professional to certify your solar panel system if you would like to benefit from the Smart Export Guarantee to earn money when you send energy back to the grid.4. Additional components to the systemIf you’re looking to install additional components while installing the solar panels, this will increase your cost of equipment but can decrease the installation costs. Whether you’re planning to install solar batteries or additional features like pigeon proofing your panels, it is best to club them with installing the panels, so that you can decrease the installation cost.5. Location and labour costsThe price of installing solar panels will usually include labour costs, however, this will change based on the location and the per hour rate of labour in that area. Typically it costs between £300-£500 for a person per day and this can be higher or lower based on your location in the UK.