Turn on the TV or visit any news site, and you are likely to hear about the energy crisis and how energy prices are going through the roof. The changes in price have been unprecedented since last year, and the recent upward recalculation has left more than 22 million people across England, Scotland, and Wales in an unpleasant shock.
Following its latest review, regulator Ofgem recently announced an 80% increase in the energy price cap, a move that will see the average energy price jump to £3,549 a year for a typical home – up from £1,971 a year. Ofgem explains that the new cap is not a limit to how much households will pay as energy prices could still rise significantly depending on usage.
The spike in utility bills has left many in shock, especially since many households are already feeling the impact of previous increments. It has also sparked debates and discussions about how ordinary people will cope with the price cap increase.
Although government intervention has frozen average bills at £2,500 a year, households will still have to shell out more from October 1st. Recall that the drastic bills in energy costs were triggered by an energy crisis that started well before Russia’s invasion of Ukraine, even though the war worsened it.
With no end in sight to the unprecedented increase, which has been forecasted to hit over £5,000 per year by April 2023, there is no better time to move towards energy autonomy on a homeowner level than now. If you are a homeowner looking for ways to decrease or eliminate your energy bills, solar energy is the perfect solution to consider.
Why now is the best time to move towards energy autonomy
Solar energy is one of the most popular forms of renewable energy on the market and one of the easiest ways to decrease your dependence on energy companies and cut your utility bills. Wondering why this is the best time to make a move? Here are some reasons.
1. Save money on electric bills
Switching to solar energy allows you to save money by reducing (or even completely eliminating) your electricity bills. Solar energy relies on daylight, which is abundant and available to everyone to use free of charge. When installed, solar panels trap daylight and convert it into electrical energy, which can be used to power your home. This will, in turn, reduce your reliance on the grid, protect you from global gas price fluctuations and increase your savings significantly.
The amount people save by using solar varies as it boils down to different factors, including the size of the solar system and energy usage, but you can expect to save up to 95 percent of your electricity bills by transitioning to solar energy. The more energy you produce, the less you will need from your supplier.
Moreover, solar energy does more than covering a large chunk of your energy bills and promoting energy autonomy as there is the possibility of also getting paid when your solar panels generate excess electricity. You can export back to the grid through the Smart Export Guarantee (SEG) when you generate more electricity than you use.
2. No maintenance is required
Another benefit of switching to solar energy is that you get to eliminate maintenance costs. If you are like most homeowners, you have probably had issues with your utility company over some equipment faults and have had to pay for costly repairs or maintenance. With solar energy, you can wave goodbye to such scenarios as solar panels require low maintenance.
The efforts for the maintenance of solar panels are minimal. Just make sure there is no debris or snow, or animal droppings on the panel, and the system will continue to generate the maximum energy possible. Two or three times a year will be enough to keep your panels in great working condition. Alternatively, pay a little more for a self cleaning panel to save yourself cleaning costs in the long run.
Additionally, solar panels typically come with warranties that guarantee that any faults will be handled by the solar company. This is because most solar panels are built to weather harsh use and can last up to 25 years and more. The typical inverters also come with a 5 to 10-year warranty. As a result, there is hardly a need for replacements.
What this means is that you can expect your solar system to serve you for a long time without any issues, thus avoiding maintenance expenses. Think of the cost of installing solar in your home as a one-time fee for years of power.
3. Insurance against rising energy bills
Electric bills are unpredictable. Over the last ten years, energy prices have been anything but steady, rising wildly and increasing the cost of living. Unless some unforeseen events push the prices down, they are expected to continue to rise in the future.
Even if Russia’s invasion of Ukraine ends, energy prices may not come down. The reason is that commercial energy is largely generated using fossil fuels like coal, natural gas, and coal, which can’t be replenished. With growing demand and decreasing fossil fuels, prices will continue to skyrocket.
With solar energy, you get to stay ahead of increasing utility expenses and protect yourself from future price surges by reducing the amount of energy you need from the grid. This is because solar energy is renewable, which means it is never going to diminish as much as the sun continues to shine. So you can rest assured that your solar power system will always meet your needs.
4. Faster payback time
Solar payback time refers to how long it takes for you to completely pay off your solar system through savings on your electric bill. The time varies from home to home based on a number of factors, but the average time it takes for most homeowners to see a return on investment is between 9 and 12 years.
The most important factor that determines the payback time is the energy costs that solar power replaces. With the drastic leap in energy prices, you can expect your solar power system to pay for itself in as soon as three years, especially since the cost of energy is expected to rise to around £5,000 by April.
Since most solar panel installations are expected to last around 25 years, the initial costs of switching to solar can be realized several times. This makes solar energy a worthwhile investment.
Other benefits you stand to enjoy with renewable energy
Saving money is just one of the perks of moving toward energy autonomy on a homeowner level. There are several other benefits of going solar today, and these include the following:
Increased home value
Installing solar panels is an excellent way to increase the value of your home. Solar panels can be viewed as a form of a home upgrade, the same way we consider a renovated kitchen or a finished basement as upgrades. Research has shown that homes equipped with solar panels are more attractive to buyers, who are typically willing to pay more. So if you are looking to drive up the value of your home while also enjoying cost-savings benefits, consider going solar.
No emissions
Unlike fossil fuels, solar energy doesn’t release any greenhouse gas emissions (like carbon dioxide, sulfur oxides, nitrogen oxides, etc.) that are contributing to global warming. It relies purely on collecting light from the sun and converting it to electricity or heat for your home. It also produces no water pollution or air pollution. By using solar energy, you can reduce your carbon footprint by up to 80% in one year and help save the planet.
Different applications
One of the biggest attractions of solar energy is that you can use it for several things, including generating electricity and for heating. This is especially crucial since winter is coming. You can invest in a solar heating system to further decrease your energy bills as well as reduce the amount of air pollution generated from your use of fossil fuels.
Decreasing prices
Another reason to move towards energy autonomy is that the price of going solar has dropped by more than 80 percent in the last ten years. This is because technology has improved. While the initial cost of installation might seem to be high, it is important to note that they are cheaper than they were ever before, and the costs are one-time, making it possible for you to switch easily. What’s more, you get to start enjoying cost-saving benefits right from day one.
Summary
While there are a few things you can do to reduce the amount of energy you use at home, the best way to address the problem of rising energy bills is by transitioning to renewable energy. Keep in mind that solar panels work in all seasons. This is because solar panels use light (not heat) to generate electricity, and the sun still delivers daylight through the rain, cloud, and snow.
Considering all the points above, it is evident that this is the best time to move towards energy autonomy. Now that you know the benefits of making the switch to solar, it is about time you took control of your own energy. Get in touch with us today to get started.