Are Solar Panels Expensive To Install?

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(Free-Press-Release.com) March 14, 2010 -- The number question 1 question asked by people, who are considering installing solar panels is - what is the cost of putting solar panels on my roof. The second most common question asked is what is the payback time on solar panels?

Well in answer to the first question, the cost of installing solar panels will depend on the type of energy you are looking to produce. The two main types of solar energy are solar thermal and solar PV. Solar thermal panels come in two types:

• Solar Flat Plate Panels– these are aesthetically more pleasing to the eye than solar evacuated tubes but are about 15% less efficient.
• Solar Evacuated Tubes

The cost of installing both types of panels is very similar in price. The cost of a solar installation ranges from around £4,000-£6,000. It is important to ensure that your install is carried out by a qualified MCS solar installer to ensure you qualify the new feed in tariff for solar energy next year.

Now we come to the second most common question asked about solar energy – what is the payback time on solar panels? The payback time typically for a solar install is around 10 years. Next year though the government will introduce the feed in tariff for solar thermal (hot water). The tariff is likely to mean that someone installing solar thermal panels will receive around £400 of rebates back from the energy company. In addition you are also likely to save around £100 by not buying the energy needed to heat your hot water from the energy companies. This should bring the payback time to below 10 years.

It is also worth noting that solar panels typically last around 35 years, so after your panels have paid for themselves after 10 years, you will be generating additional revenue over the next 25 years. Finally there are grants available for the installation of solar hot water, so it is worth considering putting solar panels on your roof.

Wayne Morris of the big green company says “it is also worth noting that solar panels will add value to your house. If your panels are generating an income of around £500 per year for 35 years, that is £17,000 of income for the household. So when you take this into account, you could argue that solar panels have a very fast payback, if you think that the typical install is around £5,500 to £6,000.”