Are solar panels still worth it in 2024?

In recent years, solar panels have become increasingly popular. But are they worth the financial outlay? In this blog, we will explore the cost of solar panels, the benefits of solar panels and how they can cut the prices of your bills.

How much do solar panels cost?

How much solar panels cost is dependent on the size of your home. The average cost of 3.5kWp solar panels is around £7,000, rising to £9,000 for 5kWp if your home is bigger.

These totals include the panels, such as the examples seen at, and the installation costs which can be expensive. The Energy Saving Trust has an online calculator to help you work out how much the panels may cost.  

The Benefits of Solar Panels

The initial cost outlay for solar panels may seem expensive and it can take around 15 years to break even on your solar panel investment. 15 years may seem like a long time, but it’s important to remember that in the end, your home will become self-sufficient.

Also, you can use the government’s SEG (Smart Export Guarantee) scheme which allows you to sell back any energy you don’t use in your home to the National Grid. There are lots of different SEG deals available, so always shop around to find the best one to fit your needs.

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How Much Could You Save?

After the panels have been installed, you should start saving money immediately. A standard 3.5kWp solar panel system should save between £150 and £565 every year, depending on how much energy you use. Your savings will also depend on whether your panels can provide all your energy or if you need extra from the National Grid.

Are solar panels still worth it?

Over the last decade, the cost of installing solar panels has halved and the International Energy Agency has rated solar panels as the cheapest energy source in history. As energy prices still continue to increase, we can presume that solar panels will continue to be cost-effective in the coming years.

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