Update: Not as expensive as not having them. Which millions of homeowners around the UK are now finding out due to the huge price increases recently.
The cost of installing quality solar and battery storage will range from £5000-9000 depending on the components used. And will exceed this if you add additional batteries.
If you are considering solar panels for investment purposes, solar panels should be seen as a low-risk long-term investment. Depending on your usage patterns/how much energy you could use and the price of electricity - returns will range from 9-13% per year. (Tax-free).
Another reason why customers might buy solar panels is to enjoy the feeling of producing their own home-grown energy, reducing reliance on the utility companies, to hedge against future price/demand increases or more recently - to charge their electric car!
20 x 335W Q Cell G9 Quantum-duo all black panels with 2 x 5.2 kWh FOX ESS batteries. 20 year inverter | 25 year solar panel warranty.
This system is able to produce 21% more energy than the customer uses.
Total system cost including VAT and battery storage = £10,500.
Estimated savings in year one: £730 (When prices were 20% lower just 6 months ago).
Estimated savings over the system’s lifetime: £26,620 assuming electricity prices rise by 3% per year.
It is likely that this customer will not have an electricity bill from March to October due to the battery storage with negative bills during the summer months.
System cost: £10,500
System savings: £26,620 over its lifetime.
Therefore, it could be said that it is more expensive NOT to install solar panels over the long term as you will have to buy electricity either way, do you buy it from yourself or from a utility?