The increasing cost of conventional energy is prompting homeowners to seek alternative ways to keep warm and solar panels are gaining in popularity, according to new research Ocean Finance.
The survey found that over a third of people plan to install solar panels and a further 14 per cent have already installed panels on their homes.
The number of people considering installation have increased 10 times since last year, Ocean Finance says.
Homeowners in London lead the way in installing solar panels, with almost a quarter saying they have already installed them. Interestingly, more Scots say they plan to install solar technology than residents in other parts of the UK, even though their predicted savings are typically the lowest in the country.
The Energy Saving Trust says that a typical family of four in a three-bedroomed house can save between £500 and £800 a year on their energy bills, depending on where you live. This saving is made up of households using solar energy earning £560 a year from their supplier for generating electricity, £90 from selling power back to the National Grid, and a further £150 from their electricity bill.
While homeowners can gain long-term savings from having solar panels, the biggest barrier to installing them is the upfront cost. Of those who said they wouldn’t consider installing solar panels, 40 per cent said the cost was too high. The average cost of a domestic solar panel system can cost up to £8,000, according to the Energy Saving Trust.
Until last month, homeowners could access help with the cost of installing solar panels and other improvements to make their homes more energy efficient through the Government’s Green Deal. However, the low take-up of the scheme led the Government to end the scheme in July.
The second most common reason for not installing solar technology is the way the panels look, with a quarter of those surveyed saying they don’t want to have them fitted on to their roofs.
The research also reveals some commonly-held myths about solar panels. More than a fifth of those asked said they can’t install solar panels because they don’t receive enough sunlight, and a further 14 per cent said they didn’t believe they could get planning permission to install them. Solar panels usually don’t require planning permission.
Commenting on results, Gareth Shilton a spokesperson for Ocean Finance, says:
“It’s interesting to see the rise in the number of homeowners who plan to install solar panels. Britain has some of the least energy-efficient housing in Europe and this leaves homeowners struggling with high energy bills. The fact that 10 times as many homeowners are warming to solar technology is likely to be a response to rising energy costs and the search for ways to cut bills.
“While the up-front costs can be quite high, installing solar panels not only saves you money over the long-term on your energy bills, it can also increase the energy rating of your home and therefore, add value to your property.”
