We have installed solar panels and saved hundreds of pounds in energy costs

A couple reports that solar panels have reduced their energy costs by hundreds of pounds, and they anticipate paying for the installation within ten years

One of the first upgrades Rich and Carla New made when they purchased their forever home, which was in dire need of renovation, was solar panels. They claim that in just one year, this has already reduced their energy costs by hundreds of pounds.

Rich and Carla are dedicated to leading sustainable lives by taking into account their lifestyle choices and the effects they have on the environment.

With two young children, ages three and six, the couple was prepared to advance in their real estate career, but they lacked the funds to go from a £400,000 home to a £600,000 one.

They could purchase the larger property they desired and make energy-efficient decisions at every stage of the renovation by opting for a fixer-upper for less than £450,000.

Rich, 38, a senior account manager for a digital software company, stated, "We wanted to put that at the heart of our living and how we lead our lives, even down to spirituality," given the trend of people becoming more environmentally conscious of their behavior, finances, and investments.

"It affects your entire attitude, not just your pocketbook.

"Go ahead and purchase our electricity."

In November 2023, Rich and Carla, 36, civil servants, paid 435,000 for their three-bedroom semi in Keynsham, Bristol, which dates from the 1930s.

One of several properties constructed to house the plant's middle managers, it is situated close to the iconic Frys chocolate factory.

They started researching energy efficiency even before they purchased the house. Rich looked into the property's current Energy Performance Certificate (EPC) rating and potential improvements using a digital platform he had discovered while working on an IT project. He had a plan of what was required and what was feasible before making an offer thanks to this and a thorough survey.

The property will be worth approximately 600,000 when the renovations are completed, so they have allocated £100,000 for it.

His words, "We were looking for our forever home,". "We approach investing and maintaining the house with the mindset that we plan to stay in this property for a very long time. We wanted a home that we could love and care for, and that we could renovate.

The house's complete rewiring and updating of all electrical systems was the first task to be completed. After taking care of the electrical issues, Rich focused on solar panels and used the same platform to find quotes from reputable businesses. Rich installed seven solar panels on his roof in two to three weeks after he called to discuss a quote.

After spending £4,435 on a 2 kW system, he claims that his energy bills decreased by about £520 in less than a year.

The pair's panels produced 1,641 kWh of energy for free, which should have cost 410 based on 25p/kwh. The remaining 739 kWh of energy were exported back to his energy provider at 15p per kWh, for which they were paid 110.

Rich predicts he will recover the cost of the solar panels, which have a 25-year lifespan, in eight and a half years if savings don't slow down.

According to him, "when we paid for the panels, we were forward purchasing loads of electricity."

Can you reduce your energy costs with solar panels?

According to Luke Loveridge, strategic adviser for Eco Approach, a third-party service provider and research platform, there are a number of online tools available that can assist you in calculating your savings before you even begin searching for quotes.

"Get multiple quotes, but keep in mind that the best deal isn't always the cheapest; consider reviews, post-install guarantees, and support.

"Be sure the person you choose is certified and offers work guarantees and warranties backed by insurance.

One of the primary advantages of solar panels is the reduction of your energy costs.

"Over the last three years, I have saved about 3,700 thanks to my 5.67kw system and 5kw battery," Loveridge stated. With a 25-year lifespan, the system should produce about 30,000 at a lifetime cost of about £14,000. The inverter will need to be replaced in about 15 years, and the batteries will need to be renewed every 10 to 15 years.

Additionally, a study by home upgrade installer Boxt found that solar panels can increase the value of your home by an estimated 2 to 14 percent. Additionally, the panels may help you raise your home's EPC rating, which may lead to lower mortgage rates.

When solar panels are not necessary.

"Unfortunately, solar panels won't work for everyone," stated Ryan Willdig, a solar panel specialist at Heatforce, a solar panel installer. One important consideration is that heavily shaded roofs can significantly lower output.

Second, you need enough space to install enough panels so that your investment is profitable. Prior to installing solar panels, you should have any damage or weak roof structures fixed.

Getting solar panels might not be worth it if you live in an apartment, rent, intend to move out within the next two years, or have to replace your roof because you probably won't be able to recover the initial cost of the panels.

For my solar panels, should I purchase a battery?

Rich and Carla New made the decision that the additional expense of purchasing a battery for their solar panels was too great an investment. Rather than storing the electricity in a battery, they sell any unused electricity back to their energy provider. However, you get a cheaper rate than you paid for your electricity when you sell it back to your supplier.

When energy costs more, you can use it later if you store it for your own use.

"Due to inexpensive overnight charging, some people have been earning significantly more money from their batteries than from their solar panels," Loveridge stated.

"A battery adds a little complexity to a solar installation, but they are now affordable enough to be worth it. Mine increased the upfront cost to 10,000 by roughly 2,500. Examining a battery is definitely worthwhile if you don't use a lot of power during the day rather than exporting at a lower price.

After completing phase one of their home renovation, which included plastering, new windows and doors to improve insulation, and a smart meter to help them track their energy efficiency, they are prepared to proceed to the second stage.

Rich stated, "Next, we're considering getting a heat pump evaluation to determine whether a roughly 7,000 investment is appropriate for our house."

Read more: Here are five things I learned after installing a heat pump in my house.