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Why you can benefit from the reduced cost of solar panels

"There are still a lot of benefits, but when you have got people thinking about [the tariff] at 43 pence and then seeing that it is 21 pence, what they don't realise is that their system was £15,000 but now it is £10,000.

"Your actual return on investment is still good; however, it is a case of finding fresh people who didn't even know about the 43 pence tariff."

Myles Hayden, the national marketing manager for Absolute Solar had that to say about the cost of solar panels and how it has had an effect on popularity recently.

Of course, the cost of solar panels should be linked to their uptake, and cheaper panels will mean more investments are made. The problem is, because of recent Government cuts to incentives such as the feed-in tariff scheme, homeowners have neglected the initial price.

Whilst the annual income is less than 2011, the return of investment is still the same, as the cost of solar panels has fallen hand-in-hand with reduced tariffs.

The good news is the industry has now stabilised after a torrid few months of uncertainty and despite the rates dropping from 43.3p/kWh, to 21p/kWh, there's still a guaranteed income that'll bring in a 10-15% return of investment.

Despite the feed-in tariff cuts, the cheaper cost of solar panels means:

You'll see a return of between 10-15% on your initial investment
You'll generate free electricity for your home for 25 years
You'll add value to your property
You'll be able to sell excess energy to the National Grid
You'll cut your home's carbon footprint

Although the cost of solar panels has dropped, there's been a major shift in the market, and now the primary age group investing in solar panels is the 40-55s. This is a switch from the previous 55-70 age range. This statistics show that the younger generation are more in touch with solar and its benefits.

But Mr Haydn suggests another reason too and said: "Now I can do a system for people who are 25-35 years-old – they have got some money in an ISA that is not really doing anything, so they invest in solar panels, put them on their roof and they are getting a bigger return."

The Government doesn't escape Hayden's blame either, for the lack of interest in solar panels and he says they've not been promoting solar panels with the same enthusiasm as before. Instead, renewables as a whole has been pushed.

Still, one of the reasons many are investing in solar is because of the uncertainty regarding gas and electricity prices. They seem continuously on the rise and more properties are falling into fuel poverty.

By investing in solar PV you'll escape this poverty by slashing your energy bills every year. You'll be using an environmentally friendly source and cutting your home's carbon footprint.

The cost of solar panels has dropped significantly, meaning many more homeowners can invest in a renewable energy source. This reduced cost of solar panels still means returns are on an equal par to 2011.


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