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Solar Panels - Good or Bad Investment?

Solar PanelsInstalling Solar panels may still involve a substantial outlay but a Government incentive offering payment for the electricity generated means it could also turn out to be a profitable long term investment. The FIT (Feed in Tariff) scheme means you could receive payment for electricity generated using PV (Photovoltaic) solar panels. Any excess electricity you create could also be sold back into the national grid.
Before considering solar panels you should ensure your home is already energy efficient. Adequate loft and wall insulation, double glazing and an efficient bolier will often save you much more than those savings made by installing solar panels.
Solar panels are available in two types. The photovoltaic (PV) system uses the sun to create electricity whilst solar water heating panels create hot water for your home use.
Whilst they both look similar, the systems are totally different and only the photovoltaic (PV) system is currently supported by the Government FIT scheme. The cost of the two schemes also differs with a photovoltaic (PV) system costing around £11,000 whilst the solar water heating system costs around £4,000.
The Photovoltaic (PV) solar panels are usually roof mounted and face south to ensure they capture the maximum amount of light. You should check that your roof is strong enough to support the panels before purchase. Alternatively your panels could be fixed to a frame at ground level providing the light is not obstructed by buildings or trees. Check with your local council to see if planning permission is required before installation. Solar Panels generate electricity during daylight hours, even when the sun is not shining. A typical 3kw domestic system will cost around £11,000 to install. You could then expect to save around 40% off your electricity bill. Providing your system has been installed by MCS (Micro Generation Certification) installer, you will also qualify for the government Feed in Tariff (FIT) scheme which guarantees index linked payments for years to come. However, it may still take more than eight years before you see a return on your investment, especially when you also factor in expected maintenance costs. Ideally you should purchase solar panels  without the need for a loan or remortgage as the interest paid will often exceed the potential savings made.

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