Solar panels are easily one of the best and most accessible ways to make your home as green as possible. They provide you with a renewable energy source, and you can also give green energy back to the National Grid at the same time. There are so many benefits of installing solar panels, with only one major drawback: the cost.
They’re not the cheapest things on the market, but the good news is that solar panel prices have decreased by 82% over the last ten or so years. With that in mind, just how much do solar panels cost in 2021 for the average household? Let’s take a look:
The cost of solar panels
Solar panels are usually charged per panel, and the exact price can vary depending on how powerful the system is. In the UK, we tend to have 3, 4, 5 and 6kW systems, with the 3kW ones being the cheapest around. Overall, a single panel can set you back between £350 – £500, with the average solar panel system costing around £6,000 right now. This is for a 4kW system, which is the most common in most homes throughout the UK.
What impacts solar panel costs?
Different things can impact the price – one of which we’ve already mentioned. If you want a system with more power, it is going to be more expensive. Why would you need something that’s 5 or 6kW instead of 3 or 4? Well, it comes down to the size of your home. The bigger your home, the more demand there is for electricity – and the more space you have on your roof. So, it makes sense to get a powerful system that provides the energy you need while helping you save as much money as possible.
Labour costs also come into account, but the average system cost of £6,000 has the average labour costs included. These can vary depending on where you live and the company you choose to install the panels.
How can you afford solar panels?
Are there any options to help you afford an investment like this? Most people don’t have £6k lying around to spend all in one go, meaning some families opt for short term loans to finance the cost of solar panel installation. Unfortunately, there was a scheme where homeowners were eligible for a grant to invest in eco-friendly renovations, but that ended earlier in 2021. For now, your best options for affording solar panels are either through loans or finance schemes offered by solar panel providers. As an example, Eon provides interest-free finance options to help people spread the costs over a period of months, rather than paying in one go.
Yes, solar panels are an expensive investment for the average person, but they are definitely worth it. While you have no schemes or grants to help you buy solar panels, the government does have some initiatives to help you get money back once they’re installed. So, as well as saving money and helping the environment, you can claim some extra cash for your family!