Energy Prices set to increase

UK Energy Prices
Energy prices in the UK are set to rise by about 10% from October 1, 2024, due to an increase in the Ofgem energy price cap. This means the typical annual dual-fuel bill paid by direct debit will be around £1,717. The price cap affects the maximum amount that energy suppliers can charge per unit of energy, impacting most households.

Solar Panel Savings

Installing solar panels can be a great way to mitigate these rising costs. The typical saving are £50 to £80 month for a 4kwh system with battery storage. Here’s a look at potential savings over different time periods:

• Year 1
  • Initial Investment: The average cost of installing a 4kW solar panel system is around £6,000 to £8,000.
  • Annual Savings: You can save between £440 and £1,005 on your energy bills.
  • Additional Income: By selling surplus energy back to the grid through the Smart Export Guarantee (SEG), you could earn an additional £120 per year.
• Year 5
  • Cumulative Savings: Assuming average annual savings of £700, you could save approximately £3,500 over five years.
  • Payback Period: Many systems break even around the 8-year mark, so by year 5, you’re well on your way to recouping your initial investment.
• Year 10
  • Cumulative Savings: By year 10, you could save around £7,000.
  • Maintenance Costs: Solar panels require minimal maintenance, but it’s wise to budget for occasional cleaning and potential inverter replacement after 10-15 years.
• Year 15
  • Cumulative Savings: Over 15 years, your savings could total around £10,500.
  • Long-Term Benefits: Solar panels typically last 25 years or more, so you’ll continue to benefit from reduced energy bills long after your initial investment is recouped.

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Martin Lewis: Energy bills to rise as new Price Cap is announced (moneysavingexpert.com)

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