Home Solar Panels - Is the Price outweighed by government schemes in the UK?

Home Solar Panels - Is the Price outweighed by government schemes in the UK

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Home solar panels are rapidly becoming very popular. To be frank, they cost a lot to install. The solar panel prices range from 3,000 up to about 20,000 to supply and install the panels.

Can this enormous price be covered by the benefits of installing them? Absolutely!

There are two government schemes on offer.

The Feed in Tariff is a payment for which homes with electricity generating solar panels are eligible. This scheme means that these households will earn between 850 and 1,500 per year, tax free and guaranteed for 25 years. Therefore, the panels will pay themselves off within about 9 years, and will therefore make a further 15,000 beyond the cost of the panels - approximately a 9% return. This is much more money than can be earned through a savings account in most banks for example, and represents a brilliant investment.

The Renewable Heat Incentive applies to thermal solar panels, which generate hot water rather than electricity. these panels are cheaper - they cost around 3,000 to 4,500 to supply and install. The Renewable Heat Incentive is to start (it's confirmed by the government) in June 2011, at an expected rate of 18p per unit, tax free and guaranteed for 20 years. Therefore, the estimated income from these panels is 450 per year, so the panels will pay themselves off within about 8 years, and a further 4,000 could be made for the rest of the payment period of the Renewable Heat Incentive.

These new government schemes are both under a year old, and have made solar panels for homes a very viable project financially. You do not need to install a solar panel farm to make any money - residential systems mean you can earn thousands!

To get three totally free price comparison quotes for solar panels for homes, go to talksolarpanels.co.uk.

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