How can solar panels save you money?

There are many good reasons to make the switch to renewable power – for many people, the ability to generate their own energy and reduce their dependence on the national grid by purchasing solar panels from companies such as Evo Energy is an attractive proposition. As natural resources dwindle, the prices of traditionally-produced power can only go up, which is why so many people are now considering microgeneration in their own homes.

Solar panels can be fitted to the roof of a building and connected to the electricity supply within a matter of days, after which time a considerable proportion of the property’s energy needs will be drawn from the biggest free resource we have – the sun. As well as enjoying lower bills, homeowners can sell excess generated power back to the national grid under the Feed-in Tariff (FiT) scheme, generating around £500 a year.

Under the scheme, homeowners are paid a generation tariff from their energy supplier, which increases in line with the rate of inflation, as well as an export tariff for however much they send back to the grid. So if you combine solar panel installation with other measures to reduce the amount of energy you consume, allowing you to export more, you could be looking at not just a saving but a hefty profit once the initial cost of the panels is paid off.

Better still, income from the FiT is exempt from income tax, making it particularly attractive for those in higher tax bands or those who pay no tax. As solar panels become a more common sight on properties around the country, they may also become a major selling point in the future, potentially paying for themselves by adding to the value of your home.