The joys of solar panels

It was with some trepidation that I went into the cellar this week to take some meter readings in order to find out how the solar panels we had fitted on our house exactly a year ago have been performing. Was the hefty sum of £8,500 we forked out last year a good investment or a waste of money?

Well, the news is better than I had expected. We, a family of four, have produced 92% of our electricity usage from the roof of a century-old terraced house in south-east London - laying to rest the idea that Britain is not sunny enough for solar power. It also disproves any suggestion this sort of technology only works in state-of-the-art, modern detached houses.

Not only will we not pay for any electricity, we should get a rebate of about £50 once a payment from the so-called renewables obligation (RO) scheme, which rewards microgeneration schemes with cash, is included.

In all, the saving for the past year will be around £500, giving a return on our investment of 6%, which is not subject to tax. Next year, when the payments from the RO scheme will double for photovoltaic (PV) solar installations, we will get about £150 back, giving a total return of 7%. That will rise further if energy prices continue to climb - which is likely after oil prices hit yet another high this week.

Source - Solar Panels UK and Earth Round up