Solar panel prices: An updated guide for 2024

Solar panels are a big investment; there’s no two ways about it. But, with energy bills soaring sky-high and pressure to reduce our individual carbon footprints mounting, there's never been a better time to invest.

In fact, the cost of solar panels in the UK has fallen drastically in recent years, thanks to advancements in technology and government grants encouraging people to take that next step towards net zero.

That being said, you'll still want to know how much the initial investment is for solar panels in 2024 and whether the money and energy you'll save in the long run outweigh that cost. Our guide will tell you everything you need to know about the cost of buying and installing solar panels, as well as how much money you could save (or even earn) by going solar-powered!

What are the benefits of installing solar panels?

Reduced electricity bills

We all know that energy costs have been rising sharply over the past few years, and solar panels have become an increasingly popular way to combat that. With a solar panel system installed, you can generate your own energy instead of buying it from a utility company, which means you could save as much as £1,180 a year on your electricity bills based on a detached home using a 12-panel system with battery storage on a south facing roof. 

Return on investment

Not only can you save money using solar panels, but you can also earn money through the Smart Export Guarantee (SEG). The scheme requires energy suppliers to pay homeowners for any solar-powered energy they're not using. Unlike Feed-in-Tariff, under SEG, you get paid for every unit of excess energy you feed back to the National Grid.

You can also add value to your property if and when you decide to sell, as you generally can't take your solar panel system with you when you move. Homes with solar panels can sell for up to 14% more than those without.

Check out BOXT’s full Energy Report for more insights and advice.

Renewable, environmentally-friendly energy

Another benefit of solar power is that it's a renewable energy source, helping to reduce your carbon footprint. It's available every day and, unlike other sources of energy, it won't run out as long as it's getting daylight.  

How much do solar panels cost to buy?

Without factoring in solar installation costs, solar panels can cost anywhere between £150 and £500 each. They vary in price based on their wattage, size, use case, and panel type.

One of the most common sizes in 2023 for a household in the UK is a 4kW solar panel system. The 4kW solar panel system costs between £6,000 and £7,000, requires around 16 panels and covers approximately 29 square metres of your roof.

A 3kW system, often used for households of two to three, costs between £3,000 and £5,000, needs around 12 panels and takes up about 22 square metres of roof space.

How much does it cost to install solar panels?

The more electricity your solar panels can generate, the higher the installation cost. However, your savings will also be higher in the long run with a higher kW system. A 6kW system will give you a much bigger return on your solar panel investment over the years (£1,450+ per year versus a £9,000 - £11,000 installation cost) than a 3kW system (£850 per year versus a £5,000 - £6,000 installation cost).

The prices listed for the cost of solar panels and their installation are estimates, but they're good indications of what you can expect if you decide to take the plunge. 

If you'd like a more accurate price at this stage, you can fill out just a few details about your home and energy usage using our solar panel webform, and someone from BOXT will contact you to give you the information you want without any obligation to buy.

Looking for a solar panel finance package? At BOXT, we offer a range of finance plans available in 36, 60, 84 and 120-month plans at 11.9% APR. Head to our solar finance page to find out more.  

How much does it cost to maintain solar panels?

One of the best parts about choosing to have solar panels installed is the fact they come with very small maintenance costs. Solar panels are low maintenance, as they have very few moving parts, and have a lifespan of 30-40 years.

Installers will place your panels at an angle to help prevent debris from collecting on them as much as possible and so that rain just slides right off into your gutters. However, it's recommended that you clean your panels once a year or if things like snow and pollen happen to stick.

You can clean the panels yourself from ground level with a hose. Just make sure it’s on a low water pressure setting so there's no damage to your panels that can invalidate your warranty. Alternatively, you can hire a professional to clean them for you from the roof, which will cost around £5-£15 per solar panel.

Another way you can look after your solar panels and ensure their longevity is by having them serviced at least once every five years. An experienced installer will visit your house and inspect your solar panel system before running some tests on the meter and inverters. By getting an occasional service, you can put your mind at ease and be sure your renewable energy system is in good shape, and everything's running smoothly.

Solar panels with BOXT

When you make the choice to invest in solar panels, you’ll be saving energy and money, especially when paired with a government grant or scheme. Solar energy is also an excellent way to reduce your carbon footprint by cutting out greenhouse gas emissions.

If you think your home will benefit from solar energy, simply answer a few questions about your property, and one of our expert engineers will be in touch to tell you what your bespoke solar panel system would look like, how much it would cost, and arrange a date that works for you to get your new system installed.