FREE SOLAR PANELS OR NEW 'TRY BEFORE YOU BUY'
Solar panels can make you £10,000s, as you get paid to generate electricity, but
should you buy?
Solar panels aren't just about group hugs and going green, they can save you
£10,000s. As the industry's rapidly changing, we've fully re-written our Free Solar
Panels guide (this is a brief summary). You roughly need a south-facing roof to put
the panels on and thankfully they don’t need sunshine to work, just daylight. You
financially gain in two ways:
* solar panelsElectricity savings: typically c. £70/year. The Energy Saving
Trust has cut its estimate of a typical home's annual savings to £70/year, as
its research shows more electricity goes back to the grid than previously
* Feed-in tariff: typically c. £1,030/year. This is the doozy: sign up now and
for the next 25 years the Govt promises to pay a high feed-in tariff rate. In
other words, it pays you to generate energy at more than treble what you
normally pay to buy it from the grid.
Consider these gains over 25 years, and you'll see it can be extremely lucrative.
There are now three routes to gain:
* Buy panels for £8,000-£14,000. If you have cash, on top of electricity savings
the Govt's feed-in tariff scheme could pay back double your spend. Eg, a £12,000
system could net £25,750 over 25 years (see How To Buy Solar Panels).
* Free panels, but you don't keep 'feed-in' tariff. If you're in England, Wales
or, in a few cases, Scotland, some companies fit panels for free, but they then
keep the big-money feed-in gain. You just keep the £70 electricity saving,
though prices are predicted to rise massively over 20 years, so the saving could
* Try before you buy. An interesting new option from E.on. You get free panels,
but it lets you buy 'em out, you can do it at a reasonable price to gain the
Updated guide: http://www.moneysavingexpert.com/utilities/free-solar-panels
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