Are Solar Panels Worth It In 2023?
Are Solar Panels a Good Investment in 2023?
The short answer is: it depends. Solar panels are a good investment for some homeowners and not a good investment for others. In general, solar panels make the most sense if you have to pay a lot for your electricity, have plenty of daylight-exposed roof space, and plan to stay in your home for several years.
Solar panels can increase the value of your home.
First things first, in the same way that adding an extension or getting a new kitchen makes your house worth more, solar panels immediately add value to your home. According to research by Solar Energy UK, “Analysis of more than five million property sales shows that installing PV on a typical home could increase its value by £1,891—£2,722. Solar property commands a price premium of c.0.9%—2%. This means that the sale price of a home can be increased by half the cost of installing a PV system itself.”
Of course, your house value depends on lots of things. But if you're thinking of selling in the next few years, installing solar panels could be a good way to get a higher price.
Solar Panels Save You Money on Bills
With the cost of energy at an all-time high and the price cap having increased by £3,000 per year since 2021/2022 winter, saving money on your electricity bills has never been more important. Although solar PV won’t drastically reduce your bills, the savings can certainly help.
Solar panels save you money on your electricity bill: when you use solar energy, you're not using energy from the grid that you would have to pay for. In most cases, the savings may seem small on a short-term basis, but over time, those savings add up. And if you live in an area with high electricity prices, your savings could be even greater.
Plus, there are other ways to maximise your solar savings. For example, you can install a battery to store your solar panels' energy during the day and use it at night.