Energy Prices Are Set to Rise Again: Why Now Is the Time to Switch to Solar

September 13, 2024

As energy prices rise yet again—an estimated 10% increase from October 2024—homeowners are searching for reliable ways to cut down their bills. The new rates could see the average annual electricity cost rise to £558.93 and gas to £928.11 for typical UK homes​. For many, these continuous hikes make solar energy an increasingly appealing solution.

How Solar Energy Can Save You Money

Real savings: A standard 4 kW solar panel system generates approximately 3,400 kWh of electricity each year. With the new electricity price at 25.210p per kWh​(price-change-summary), this could save you around £857 annually on electricity costs alone, reducing your reliance on the grid significantly.

Return on investment (ROI): The cost of solar panel installation typically ranges from £5,000 to £8,000 for a 4 kW system. With yearly savings of around £857, you could see a return on investment in as little as 6-10 years. This timeframe shortens as energy prices continue to rise.

Why Now Is the Time to Go Solar

The recent energy price cap increase announced by Ofgem is part of a trend. According to the UK government, the average annual electricity bill in 2020 was around £707​ (price-change-summary), while current figures are much higher. Solar energy helps insulate against these rising costs by providing a steady source of energy.

Example Savings Over Time:

  • A household that pays £558.93 for electricity today could see those costs rise by an average of 5% annually.
  • Over 10 years, without solar, you might spend over £7,000 on electricity bills. Installing solar panels now could help you save a significant portion of that.

Environmental Benefits with Tangible Impact

Beyond financial savings, solar energy also contributes to reducing carbon emissions. A typical 4 kW system saves approximately 1.5 tons of CO2 emissions per year, helping to combat climate change. According to the UK government’s emissions calculator, solar power can reduce your home’s carbon footprint by up to 30%.

Ready to Start Saving on Your Energy Bills?
Begin your journey towards lower energy costs with professional solar installation from a trusted, family-run business. Start saving today and invest in a brighter, more affordable future.

Send us a message