In a previous article, we debunked a common myth that solar energy just isn’t powerful enough. But even in a cloudy region like the United Kingdom, your photovoltaic (PV) system can generate plenty of clean electricity. This is why more than 500,000 homeowners across the country have already installed solar panels on their own rooftops.
You might be thinking that those 500,000 lucky customers are simply wealthier than you are. And 10 years ago, you would’ve been right. Solar technology was prohibitively expensive – and only the richest among us could afford to install PV panels.
But the industry has changed dramatically over the past several years. And there now exist solar PV solutions for every budget imaginable.
Today, we’d like to clear up some misconceptions surrounding solar affordability.
What Is the True Cost of Installing Solar Panels?
Back in the 1970s, going solar was obscenely expensive. But prices have fallen – a lot. In fact, the average cost of a new installation is more than 100 times lower than what you would’ve paid in 1977. According to the International Business Times, panel prices have plummeted a staggering 80% since 2008 alone.
Most of these cuts are a result of:
- Innovations and breakthroughs
- Increased economies of scale
- Unprecedented global competition
But if you’re lucky enough to live in the UK, you also benefit from a host of incentives that help drive down installation costs even more. Thanks to rebates, tax credits, and feed-in tariffs, almost no one pays full price for their solar installation. The government is prepared to heavily subsidise your purchase and make the transition as affordable as possible.
As a result of falling prices and generous state incentives, the average cost for a standard 3 kW system is under £6,000. This is a small enough amount that you can easily finance your entire system using a consumer credit card.
That’s pretty affordable. But it’s also possible to go solar for free.
You can receive a brand-new PV installation at absolutely zero charge to you. With a solar lease or power purchase agreement (PPA), there is no upfront cost.
Free is the very definition of affordable.
Perhaps a better question is, can you afford NOT to go solar?
The True Cost of Not Installing Solar Panels
If you put off going solar, you’ll have to get all of your electricity from the utility grid. But as you already know, grid prices keep trending upwards year after year. According to The Guardian, electricity rates are rising 8 times faster than earnings are.
By contrast, sunshine remains the same price forever. And every time that grid electricity prices go up, the relative cost of going solar drops.
And then you also have to factor in the environmental costs of not installing panels. Either directly or indirectly, we all pay a price for:
- Less drinkable water
- Less breathable air
- Unhealthier bodies
- Lost biodiversity
Going solar is incredibly affordable. Outright ownership costs several thousand dollars. And solar leasing allows you to install panels for free.
By contrast, not going solar carries a number of financial and environmental costs that you’ll never fully recoup.
To learn more about the countless benefits of installing solar panels, request a free quote today.