As energy costs rise, households with rooftop solar save money each month by using their own power rather than expensive grid electricity
The time it takes to repay the cost of installing rooftop solar has dropped dramatically as energy costs have spiked, with new data suggesting it could soon take just four years to pay off a new system through savings on energy bills.
Homes fitted with rooftop solar panels can now cut their electricity bills by hundreds of pounds a month, by using home-generated electricity instead of expensive grid power.
That means solar systems pay for themselves within just a few years.
Analysis from climate website Carbon Brief suggests the payback period for a £4,300 rooftop solar system, with a power capacity of 3kW, has dropped from 16.7 years in October 2020 to 11.1 years under the current price cap.
By April, by which time analysts predict the average energy bill could hit £5,277, the payback time is set to drop to just 4.1 years.
“Stratospheric gas prices are driving our energy bills through the roof,” said Dr Simon Evans, senior policy editor at Carbon Brief, who conducted the analysis.
“That’s making low-carbon options even more cost effective. Whether it’s large-scale windfarms now costing four times less than gas power, or home solar systems that could pay back the initial outlay within less than five years, the economic case for net-zero has never been stronger.”
Read more: inews