How Much Do Solar Panels Save?

How much do solar panels save is a question on many homeowners' minds. Get personalised saving estimates with out calculator

If you've been wondering ‘how much do solar panels save’, then you’ve come to the right place.

Solar panels are a fantastic way to cut down on energy costs while doing your bit for the planet. The financial benefits can be pretty impressive, helping to slash your monthly electricity bills and offering significant long-term savings.

In this guide, we’ll dive into how much money you can save with solar panels and what factors influence these savings. If you’re curious about your potential savings, check out our free solar panel calculator. It’s a handy tool that gives you personalised estimates based on your property.

Do Solar Panels Save Money?

Absolutely! Solar panels can lead to significant savings on your energy bills, both in the short and long term. By generating your own electricity, you can see immediate reductions in your monthly costs. Over time, these savings grow even more as energy prices rise. 

Curious about how much you could save? Explore our guides or speak with our green gurus for personalised advice. 

Here’s a quick example to show you how much you could save:

Example Calculation

For a typical household, solar panels can save thousands of pounds over their lifespan. Businesses can see even greater savings due to higher energy consumption.

Imagine your average monthly electricity bill is £150. After installing solar panels, you might reduce this to around £20 a month. That’s a saving of £130 each month! Over a year, that adds up to £1,560 in savings.

Let’s dive into how this works and what influences those savings:

  • Electricity Bills: One of the biggest advantages is the reduction in your monthly electricity bills. By generating your own power, you rely less on the grid, which means you’re buying less electricity from your utility company. The more energy you use, the more you save—simple as that! Over time, these savings can add up significantly, making a noticeable difference in your monthly expenses.
  • Smart Export Guarantee (SEG): In the UK, the Smart Export Guarantee lets you sell any extra energy your solar panels produce back to the grid. If your system generates more electricity than you use, the excess goes back to the grid, and you get paid for it. This scheme helps offset the cost of any additional electricity you might need, boosting your overall savings. It’s a great way to maximise the financial benefits of your solar investment.

So, if you’re wondering, "Do solar panels save money?"—the answer is a resounding yes! By cutting down your electricity bills and earning money back through the Smart Export Guarantee, you can really lower your energy costs and enjoy long-term financial benefits.

Long-Term Savings with Solar Panels

Investing in solar panels is a smart financial move that really pays off over time. Sure, the initial cost can seem steep, but once you get past the payback period, which usually takes about 5 to 10 years, the savings start rolling in. Solar panels typically last between 25-30 years, so you’ll be enjoying free electricity for many years after they’ve paid for themselves.

This means that the return on investment for solar panels is fantastic. As energy prices rise, your savings only get better too. It's not just an eco-friendly choice—it's a savvy financial decision.

On top of that, think about the peace of mind you'll get from generating your own electricity. You're less affected by rising energy costs and market fluctuations. Plus, many solar systems come with solid warranties that keep your investment safe for years. Solar panels are a long-term strategy for financial stability and energy independence. While the upfront cost might seem high, the long-term benefits make it totally worth it.

How Do I Estimate My Solar Panel Savings?

Estimating your solar panel savings might seem tricky, but it’s actually pretty straightforward with the right tools. MakeMyHouseGreen takes all of the guesswork out of the process with our solar panel calculator that makes figuring out your potential savings a breeze. Here’s how to use it:

  1. Collect Your Info: Dig out your electricity bills to find out your average monthly energy use.
  2. Input Your Data: Enter details like your location, roof size, and energy usage into the calculator.
  3. See Your Savings: Get an instant 96% accurate estimate of how much you can save with solar panels.

Want to speak to one of the experts? Contact our green gurus now.

Can Solar Panels Increase the Value of Your Home?

Solar panels don’t just cut your bills - they can also boost your home’s value. 

Homes with solar systems often sell quicker and for more money because buyers love the idea of saving on energy costs and reducing their carbon footprint. Not to mention, as energy prices rise, a home with solar panels becomes even more attractive.

On average, adding solar panels can boost your property's EPC rating by one band, say from D to C. That’s a noticeable improvement! They also bump up a property's value by around 4% to 16%, especially when paired with other energy efficiency upgrades. For an average UK home valued at £290,000, this could mean an increase of about £11,600 to £46,400 - often enough to cover the cost of the solar panels themselves.

Plus, having solar panels already installed means new owners can enjoy energy independence right away. It’s a big selling point! Buyers today are more environmentally conscious and actively seek out homes with green features. Solar panels are a visible commitment to sustainability, making your home stand out in the market. They show that the property is forward-thinking and can handle future energy challenges. Furthermore, studies have shown that homes with solar installations not only sell faster but also receive higher appraisals. So, investing in solar panels is a smart move for both your wallet and the planet.

Powering More Than Just Your Home

Solar panels aren’t just for cutting your electricity bills—they can do so much more! Beyond powering your home, solar panels can also be used to charge your electric car and even heat your pool.

Imagine pulling into your driveway and plugging in your car, knowing that you’re fueling up with clean, renewable energy straight from your solar panels. It’s an incredible way to reduce your carbon footprint and save on fuel costs. 

And it doesn’t stop there. Solar panels can also help heat your pool (if you’re lucky enough to have one), extending your swimming season without skyrocketing your energy bills. Using solar energy to warm up your pool water means more fun and relaxation time for you and your family, all while being eco-friendly.

Solar panels truly offer a versatile and sustainable solution for various energy needs around your home.

Final Thoughts

Switching to solar panels is a smart move that can save you a ton of money in the long run. You’ll see your electricity bills drop and benefit from schemes such as the Smart Export Guarantee.

On top of the financial perks, there’s the satisfaction of knowing you’re making a positive impact on the environment. Imagine reducing your carbon footprint while saving money—it’s a great feeling! You’re actively contributing to cleaner air and a healthier planet for future generations. Plus, the long-term benefits keep adding up, not just in savings but also in the value it adds to your property

Don't just take our word for it—read some testimonials from people who’ve already made the switch and see how much they’re saving. Together, we can create a greener, more sustainable future for everyone, helping to protect our planet while enjoying financial benefits.

Ready to see what you can save?

Our solar calculator is 100% free to use. Enter your postcode below to get started.

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February 14, 2024
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