Are solar panels worth it in 2023?

As well as being a clean source of energy, solar panels can also save and earn you money on your bills. There are a number of benefits to installing solar panels, but many customers are put off by the high initial investment cost to get them installed and it can be difficult to see whether the cost of installing will be offset by future savings. So – are solar panels worth it in 2023?

With battery storage to store excess energy and the smart export guarantee, solar panels are becoming more and more popular and can help reduce the increasing energy costs.

Saving money on your energy bills and earning money

The most impactful benefit of solar panels is the money you can save on your energy bills. With the cost-of-living crisis, energy bills have risen and running a home is more expensive. Solar panels provide an alternative source of energy with no monthly cost to run your home. To maximise the money saved on your energy bills, a battery storage system allows you to store your excess energy to use when you need it.

Along with saving money on your bills, you can also earn money as a domestic customer by selling your excess energy back for a fee. As the cost of energy increases, so does this fee and this can offset some of the cost of installation.

Breaking even

As the cost of solar panels falls, the amount of years needed to break even reduces. With the current price cap in place, it would take between 10 and 15 years to break even. It is important when considering solar panels to think about whether you want to stay in your home long term as if you want to move before 10 years, you will lose the panels.

If you are moving soon but still want solar panels, solar panels can add an average of £1800 to house sales which can help recoup some of the installation costs and get nearer to breaking even. It’s worth considering your future plans when considering solar panels, as if you are planning on moving in the near future it may be best to plan for your next home.

Long lifespan

Once installed, solar panels can last for up to 40 years with minimal maintenance and cleaning to provide a long-term solution to the rising cost of energy. This also gives you many years after the break-even point where your panels are giving you a profit on your investment. Solar panels provide long term benefits and are covered by warranty for any issues after installation. The long lifespan gives you many years of independence from the grid and as tariff fees continue to increase, you can profit for years.

So, are solar panels worth it in 2023? If you’re looking for a long-term solution to your energy supply, Low Carbon Homes Systems provide a range of solar panels and battery storage to run your home more efficiently. To speak to experienced installers and see the range of panels available, you can arrange to visit the low-carbon homes showroom in Ellsemere, who can help to provide a custom quote based on your needs.