Solar panels: are they worth the investment?

With more and more households choosing to install solar panels to their homes, you may be wondering whether they’re worth the investment. Could installing 4, 5, 6 or even more solar panels on your own property really help you save enough on your energy bills for the upfront cost to be worth it? 

This guide will explore everything from the benefits of solar panels, the cost, whether you can get government grants and more.  

The benefits of solar panels

The return on investment (ROI) is just one of the many benefits of installing solar panels, not to mention the reduction in your carbon emissions and annual energy bill. 

As the Earth warms and we are reminded of the changing climate by adverse weather events and rising heating bills, moving to renewable energy sources is a smart, climate-conscious solution to energy usage. Other benefits include:

1. Help reduce your energy bills

By installing solar panels you can save up to £1,180 on electricity bills*, particularly in areas with higher rates. What’s more, the cost of the solar panels and their installation, can be recouped over time through the savings on your energy bills.  

*Example saving based on a detached home using a 12-panel system with battery storage on a south facing roof.

2. Low maintenance

Solar panels require little maintenance - this is because they have no moving parts, and can therefore last for decades with minimal upkeep.

3. Create an energy independent home or business 

Off-grid life is possible thanks to solar panels, which can be used to power houses and businesses in distant places that are not connected to the electrical grid. This promotes independence and self-sufficiency.

4. Can increase your property value

By installing solar panels to your home, you could increase the value of your home by 14%. Check out the full BOXT Energy Report for more information.

The cost of solar panels in 2023

The cost of solar panels have steadily been decreasing over the past decade, due to the advances in technology, and the push for businesses and individuals to become more energy efficient. 

What’s more, the manufacturing process of solar panels has improved massively as well as the scale of production. 

All these elements mean the cost of solar panels might be less of a shock than when solar energy was first introduced to the UK market. Other factors that could affect the cost of installing solar panels are: 

1. How many solar panels you need

Every home or business’ demand for solar panels will be different. Working out the amount you need to run a property efficiently falls down to a few key variables, the amount of electricity you consume per year, the roof space you have available and the orientation of the roof.  

If you are ready to make the switch, then we recommend getting a few installation quotes before committing. With BOXT, our solar panel service is unrivalled, with benefits such as:

• Only 25% upfront payment
• 12 year product warranty on all our solar panels
• Prices starting from as little as £7,999
• Finance plans available: 36, 60, 84 and 120 months at 11.9% APR

2. Government incentives and policies 

Luckily, there are a number of grants available from the government to encourage homeowners to switch to renewable energy sources. These government incentives are a plea to make it easier to switch and reduce our carbon footprint, as a nation. 

We have reviewed the most recent government grants for solar panels and installation in 2023, to help you make an informed decision and check your eligibility.  

3. Supply chain demands and changes

Various factors, such as changes in consumer behaviour, market trends, regulatory requirements and technological advancements can have an impact on supply chain demands.  

Fortunately, renewable energy sources such as solar are more in demand now than when they were first discovered in the 1970s.    

The financial return on investment for solar panels

Solar panels are a great investment, for homes, converted vans, offices, and as an alternative to traditional energy methods. Solar panels will provide free sources of energy during the day, which you can use in one of two ways. 

1. The battery can store energy for you to use in the evening, resulting in up to £1,180 in savings on your electricity bill*. It’s worth noting that not all solar installations come with battery storage.  However, if you choose BOXT for your solar panels, battery storage is included.
2. The second option is to sell any excess electricity to the grid via the Smart Export Guarantee scheme, in which your energy supplier will send you a tax-free payment in exchange for supplying them with your free, green energy.

*Example saving based on a detached home using a 12-panel system with battery storage on a south facing roof. 

The environmental impact of solar panels

Negative impacts

When compared to traditional types of energy generation, such as coal or gas power stations, solar panels have a relatively minimal environmental impact. And, whilst it may seem like renewable energy can do no harm, there are in fact some repercussions to the production and disposal of solar panels. 

The production of solar panels necessitates the use of electricity, water and raw materials such as glass, aluminium and silicon. Mining and extraction of these minerals can have negative environmental consequences, such as pollution and habitat damage.  

Positive impacts 

On a more positive note, solar energy reduces  your carbon footprint by a milestone. 

What’s more, at the end of their life cycle, solar panels can be recycled. Whilst not a universally widespread practice as of yet, more countries are working on ways to reuse and recycle them.  

Overall, while the manufacturing and disposal of solar panels have some negative environmental impact, the benefits of using solar, and renewable energy far outweigh the impact caused by using fossil fuels. 

Factors to consider before investing in solar panels

Whether for your home or business, investing in solar panels can be a big decision, and there are a few things you should bear in mind before making the switch. These include: 

• Energy demands: Does your property require a large amount of energy? Solar panels, over time, will provide a significant return on investment.
• Cost of panels and installation: Singular solar panels can cost anywhere from £500 depending on the power outage you require. In addition, you’ll need to consider how many you require and the installation costs. 
• Space available: Solar panels aren’t the smallest of devices, but they pack a punch. So, consider whether you have adequate roof space for installation.
• Government incentives: If you’re considering making the switch to renewable energy, you’ll want to find out whether you are eligible for government incentives. That way, the government can part-fund your costs.  

Time to make the investment? Check out solar panel installation from BOXT

If you’ve got to the end of this article and you’re thinking it’s time, then look no further than BOXT. With solar panel installation starting from £7,999, you’ll be in safe hands with our engineers. Our dedicated team of helpful advisors are here to offer you the guidance you need to make the right choice.

What’s more, when installing solar panels we require only 25% of the upfront payment and all our products come with a 15 year warranty.

Do solar panels come with a finance plan? At BOXT, we’re proud to offer a range of solar finance plans: 36, 60, 84 and 120 months at 11.9% APR.

And, if you’re still thinking about it and need more information, check out our frequently asked questions about solar panels and installation.