Solar panels are economically worthwhile, in addition to the obvious environmental advantages, with SEG earnings since you can break even with them much faster. Solar panels are also becoming more and more accessible thanks to ongoing technological advancements.
You can recover your investment in solar panels within the life of the system, taking into account the cost, savings, and earnings described before. For instance, a 3kW system can pay for itself after 21–25 years. With a 4kW system, you can achieve financial independence in 16 to 22 years. The larger 6kW system allows you to break even after 19–23 years. So if you’ve ever asked yourself if solar panels are worth it, the answer is: yes, they are.
Various solar panel funding options exist in the UK that allow you to profit from your solar panels.
Both the Smart Export Guarantee and the Feed-in Tariff are now in effect (which is closed for new registrations). One of the government incentives for solar panels, known as the Feed-in Tariff (FIT), was to promote the use of renewable energy sources in the UK. Homeowners who produced and exported renewable energy were given a tariff (a reward) when it was first introduced in 2010. Government officials shut down this program in 2019. However, no new applications are allowed; only those who are still enrolled under the FIT are paid in accordance with their agreements. The Smart Export Guarantee has taken the place of the FIT as of January 1st, 2020. The SEG allows UK homeowners to make money by returning excess energy to the grid.
According to the SEG, all energy providers with more than 150,000 clients are required to provide a tariff for electricity sold to the grid. The tariff can be set up however the individual energy suppliers see fit, but it must be higher than zero. A reasonable export rate is 4-6p/kWh.
It is worthwhile to conduct an audit of your company's energy use to determine where and how much energy is being wasted. You may put measures in place to increase your company's energy efficiency and save costs once you've determined where energy is being wasted. Check your company energy tariff one last time. You might not be on the best rate if you've been using the same supplier for a time. It can be wise to compare commercial energy providers right away and switch to a more affordable offer.