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Is solar power a bright investment?
It costs £12,500 to install solar cells on your roof, but new tariffs should give you a return of at least £25,000. So what's the catch? There isn't one, says Miles Brignall
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If the government offered to pay you £1,000 a year for the next 25 years, in return for an up-front investment of £12,500, you'd snap it up in a second. Well, that's pretty much the deal on offer this week after the government finally revealed what it will pay those who install electricity generating solar panels – in and around their homes – through the new "Feed-in Tariffs" (FITs).
After years of campaigning by environmental groups – helped in small part by this newspaper – the government has finally agreed to reward households and businesses installing electricity-generating measures with enough of a return to make it a serious financial, as well as an environmental, investment. If you've got the money (which is a big "if") and, crucially, a sunny, south-facing roof, you can earn a 7%-10% tax-free return, an income that will rise in line with inflation. At the same time, you get to do more than your fair share in reducing the UK's carbon emissions.
In the week that the energy regulator, Ofgem, warned the nation to expect 20% electricity price hikes by 2020, and warned future supplies were in jeopardy, investors in solar panels will have the added benefit of being a net provider of electricity, and largely insulated from future price hikes that could see household bills top £2,000 a year by 2020.
After years of campaigning by environmental groups – helped in small part by this newspaper – the government has finally agreed to reward households and businesses installing electricity-generating measures with enough of a return to make it a serious financial, as well as an environmental, investment. If you've got the money (which is a big "if") and, crucially, a sunny, south-facing roof, you can earn a 7%-10% tax-free return, an income that will rise in line with inflation. At the same time, you get to do more than your fair share in reducing the UK's carbon emissions.
In the week that the energy regulator, Ofgem, warned the nation to expect 20% electricity price hikes by 2020, and warned future supplies were in jeopardy, investors in solar panels will have the added benefit of being a net provider of electricity, and largely insulated from future price hikes that could see household bills top £2,000 a year by 2020.
I would invest in solar power in a heartbeat but sadly I own a flat and cannot just place solar panels on a shared roof
I'll be considering it when I move in the next few years. My only concern is how it would look on a roof. What irks me, is that the article seems to think that £12,500 is a lot of money. But is it? How many people remortgage to build a conservatory or take out a loan for a new kitchen or update their bathroom. How much is a new car? If you have your priorities in order then £12,500 should be relatively easy to find by comparison. Especially as you gain the money back over time (unlike a kitchen, car, conservatory, expensive holiday etc).
Is anyone from this board considering or using solar power?
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I fitted solar photovoltaic panels on my house nearly three years ago. They are great – we get 90% of our electricity off our own roof over the course of the year. And three years ago the panels were more expensive than they are now.
We spent £17,000 but got half of that back in a grant from the Low Carbon Buildings Programme, which was dogged by complexity and stop-go Âdecisions by the government.
