Average cost = £4,800
Cheapest price = £1,000
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What are the benefits of a solar thermal panel system?
Solar thermal panels may cost quite a fair amount to initially install, but they carry with them the following benefits:
- Year-round hot water (though you may need a boiler/immersion heater during the winter)
- Savings on your fuel bills – once you have paid for the initial installation of the solar thermal panel system, the energy is free
- Reductions on your household carbon footprint – as using solar energy for hot water is a renewable heating system
How much money will solar thermal panels save you?
According to the Energy Saving Trust, typical savings from a well-installed and properly used system are £55 per year when replacing gas heating and £80 per year when replacing electric immersion heating.
Can a solar thermal panel system earn me money?
The government are launching a scheme in October 2012 called the Renewable Heat Incentive (RHI); part of it may allow you to receive payments for the heat you create from a solar water heating system. There are two phases to the introduction of Renewable Heat Incentive:
- Phase one introduced the Renewable Heat Premium Payments (RHPP) scheme to households and also introduced the RHI for non-domestic installations in the industrial, business and public sectors. This phase also included the Renewable Heat Premium Payments, which provide £300 grants towards the cost of installing solar thermal panels in domestic properties.
- Phase two is the domestic element of the RHI, which is expected to come to fruition in October 2012 (around the same time as the UK Government’s Green Deal). From this date it’s likely that you will receive yearly cash payments for the amount of energy your solar thermal panels have generated – which should average around £400 per year. If you have installed any eligible technology since 15th July 2009 will be eligible for this scheme.
*Source: Energy Saving Trust. All information is accurate as of January 2012