Installing solar panels has multiple benefits, for example the amount of money that can be saved over the course of a year. The overall cost of solar panels is falling due to the prices of both components and manufacturing process decreasing. The latest figures published by the Energy Saving Trust (EST) highlighted the fact that the average household with solar panels saw an increase in savings of almost £100 last year.
Thanks to income via the Feed in Tariff (FiT) and money off electrify bills, the average saving now stands at £635, compared to 2011's £540.
Commenting on the increase in savings due to solar panels, Ian Cuthbert, a spokesperson from the EST, commented: "We hope the latest data and figures will provide householders, whose homes are appropriate for solar panels, with the reassurance that they will be making significant savings and income as a result of the installation."
However, the Feed in Tariff rate was reduced earlier this month, as part of an ongoing government initiative and the number of solar arrays being installed has fallen. In September and October, the a number of solar panel installations stood at an average of 1,767 a week but in the week ending November 11th, this number had fallen to 841.
Whilst any cuts to the FiT are usually followed by a reduction in the number of installations, homeowners are being encouraged not to dismiss solar panels altogether as the cut for smaller, domestic installations was only half a pence.
Ray Noble, a spokesperson from the Solar Trade Association (STA) told Solar Power Portal that despite this cut, the number of installations would creep up again in the New Year.
"Heading into next year the general public will have most likely forgotten about the past challenges of the solar industry. If government can help the market by getting out the right message – that the cost of solar has fallen in line with the feed-in tariff rate – than industry can settle and build for the future," he said.