In the UK in 2024, a big priority for many of us is going to be finding ways to save money on our energy bills. Solar panels have emerged, no longer as a novelty, or a luxury, but as a smart home improvement. They are a real, tangible example of green energy and taking control over our utility costs. Can they promise all that in the UK, though?
For homeowners across the UK (particularly those of us who have been around long enough to remember the early days of solar panels,) the question remains: are solar panels worth it?
Let’s explore the benefits, savings, and solar panel grant support systems available in the UK.
The Benefits of Solar Panels
Solar panels aren’t just for tropical climates! Thanks to the vast developmental improvements they have undertaken, solar has a place here in the UK too.
Even on overcast days, solar PV units capture energy from the unlimited resources supplied by the sun, giving our homes a cleaner power source and potentially lower our electric bills.
Battery storage allows us to make sure energy is never wasted and we have a reliable source to draw from when solar panels aren’t operating at full capacity.
Installing solar panels can increase the value of your property, ensuring a lasting impact on your financial security.
Generating your very own electricity is a step away from depending on the grid and a step towards greener living and total self-reliance.
Understanding the Savings
Studies by the Energy Savings Trust demonstrate that you can significantly reduce your electric bills with Solar. The following figures demonstrate potential savings in the UK if you install solar panels with the Smart Export Guarantee (an initiative that pays you for the excess electricity you generate and send to the grid.)
On average, UK householders can expect to save hundreds of pounds annually:
London, South East England – up to £545/year*
Manchester, North England – up to £505/year*
Stirling, Scotland – up to £475/year*
Aberystwyth, Wales – up to £510/year*
*based on fuel prices as of January 2024
ECO4 Funding Support for Solar Panels
The UK government offers support through the Energy Company Obligation (ECO4,) helping to make solar panel installation more affordable and effective for more vulnerable households.
ECO4 energy measure delivery is a ‘whole house’ retrofit approach that delivers a combination of energy measures including solar, wall insulation, heat pumps, storage heaters, double glazing and boiler upgrades.
Eligibility Criteria for ECO4
ECO4 is designed to help those who could benefit most, including lower-income households and people of a pensionable age. If you’re considering solar panels but are worried about the costs, looking into an ECO4 grant could be a beneficial first step.
One of the key ways energy suppliers decide who can join the ECO4 plan is by identifying any of the following qualifying criteria:
Allowance for job seekers based on income (JSA)
Employment and Support Allowance based on income (ESA)
Income Support (IS)
Credit Guarantee for Pension Credit Credit for working (WTC)
Tax breaks for kids (CTC)
Universal Credit (UC)
Credit for pensions and housing benefits Credit for Savings
The government will also make sure that everyone who gets supplementary benefits from the Department of Work and Pensions (DWP) can utilise ECO4, whether or not they receive Universal Credit.
Solar panel technology is now worth considering, now that technological advancements have made it a smart and viable energy saving choice for residents nationwide.
Now is the time to investigate your eligibility. We’ve made this process nice and simple; just fill in this quick eligibility form and our RES energy advisors will be in touch with you to steer you towards your energy efficiency goals.
