With the UK and indeed the entire world economy struggling, and the consequence that interest levels tend to be low and the stock market erratic, do solar panels and the profits they can produce depict the soundest financial investment on the market today?
The problem with saving
With the debt crises or credit crunch as some prefer to call it haunting all of us still three years after it commenced governments have been quick to criticise our spend thiftyness and our amazing power to rack up debt. Instead,
they argue, the people of Britain ought to save , and spend just what they can afford. Whilst the theory might be sound the reality is that banks simply aren’t making it appealing to decide to put our pennies away: current accounts offer 0%, whilst ISAs offer typically a mere 2%!. Many people have therefore been of the mentality that they might as well spend it is they aren’t getting any interest, after all, spending will surely help the economy won’t it?
Solar panels: the solution?
One increasingly attractive investment is to purchase yourself solar panels. Precisely why? There are three major reasons. First, by installing solar panels and generating solar electricity which feeds instantly into your dwelling, office, business or farm, you aren't paying for electricity that you would typically purchase from the national grid. Straight away therefore you are saving money. The solar electricity you make is also free of charge and comes from a dependable and continual supply i.e. the sun's rays. Therefore as opposed to the depleting resources of fossil fuels, you simply will not encounter price rises and energy insecurity.
Thirdly and most importantly, you can make a great deal of money. Money may be acquired in two ways. Firstly, the government, via the Feed in Tariff, guarantee for the next quarter of a century that the energy company you use will pay you a certain amount of money for each unit of electrical power you make. This currently stands at 43.3p for the average sized domestic installation. The amount paid is also index linked and tax free. Secondly, the government also ensures that for the next Twenty-five years your energy company will pay you for every single unit of electric you generate and do not make use of which you automatically export back to the grid. This is an additional 3p per unit. When you think about how many units of electricity can be generated in a day it soon will become crystal clear exactly how much money we are discussing.
The Energy Saving Trust by way of example suggest, somewhat conservatively that the average installation for a three bed home can make an income that could reach over seven-hundred pounds annually, whilst some others claim it may be more than one thousand. When one considers that the cost of installation would likely be around £10,000 it truly is very clear that the system could possibly pay for itself inside of ten years, yet that leaves fifteen years remaining of your government guarantee left, whilst your panels will keep generating free solar electricity for many years. Finally, studies have also shown that a solar installation may also increase the value of your property. Overall therefore, whilst it might be a rather long term investment, it is arguably one of the most desirable that you could buy.
Solar panel firms: buyer beware
Although I am suggesting investing in solar power panels I am not advocating entering the market place blind. Before you take the plunge therefore, keep some of the subsequent recommendations under consideration. To start with is the requirement of investigating the prospective firm first. What should you look at then? To begin with check out their website; does it appear professional, are there any testimonials, what kind of jobs have they executed, is there a case study segment? Second, look for appropriate certifications. The most significant one here is MCS, the Microgeneration Certification Scheme.
Unless the company has one of these, don’t make use of it. Finally, ask how long they've been running for. Recent research learned that a large number of solar power companies offering solar panel installation had only been running for several months. The risk here is that the firm might not be around in a few years time, which could cause problems if you happen to experience problems with your photovoltaic panels down the road. One option here is to verify they are part of the Reiga insurance coverage scheme, which offers a financial back up for the rare scenarios in which the original company has gone bust and you require work doing to rectify any initial errors on the solar panel installation.
