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Solar Panel Grants & Finance

Solar Panel Grants & Finance

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There are government grants for solar panels available to homeowners in England, Scotland and Wales. Over £1.3bn of funding can be accessed by anyone receiving any of the 16 qualifying benefits and the key is knowing exactly where to find it.

Much of this funding has gone unclaimed, with many vulnerable households on lower-incomes paying more for their energy bills than they need to. New Solar Grant can help you determine whether you’re eligible for ECO3 funding and if approved, put you in contact with a local accredited installer.

Solar panel grants are drawn directly by accredited ECO installers and put towards the cost of the installation of solar panels for your home. Whilst your grant may not cover the full cost of installation – meaning you will need to make a contribution yourself – finance is available to cover any shortfall.

Solar Panel Grants & Finance

Solar Panel Grants & Finance

Solar Panel Grants

Powering your home with solar energy is the world’s fastest growing renewable energy solution and could see savings of up to £534 a year on your electricity bills by installing solar panels and battery storage.

Having solar panels on your roof allows you to become more independent from the National Grid, reduce your home’s impact on the environment and have greater control.

Solar Panel Finance

If you’ve been thinking of fitting your roof out with a set of state-of-the-art solar panels, we’re not surprised. Solar PV technology has the power to half your electricity bills and, of course, offers an environmentally-friendly alternative energy source – but today, solar panels cost anything from £2,500 to £9,000 and beyond. Domestic solar panels don’t come cheap but, with our help, you can slice your energy bill and making some satisfying savings.

Solar Panel Savings

On average, the cost of solar panels is between £5,000 and £10,000, and about £350 per panel. You will notice that that is a considerable gap, and that’s because there are several variables at play; perhaps the most influential of these is the size and occupancy of your house. If you have more residents or amenities, you will use more power, so your solar panel costs will rise. No matter the size of your home, though, you should expect to spend at least £5,000.

Solar panel grants are provided by the government as part of their Energy Company Obligation (ECO) scheme. This scheme gives assistance to homeowners on particular benefits by covering much or all of the cost of the installation of your solar energy panels.

The ECO scheme provides government-funded solar panels with a view to helping homes to reduce their carbon footprint and reduce energy poverty. The government works with the UK’s main energy companies and has now made it a legal obligation for these providers to offer funding to improve energy-efficient homes belonging to the most vulnerable people.

Eon, Npower, Scottish Power, EDF Energy, SSE and British Gas are just some of the energy companies to be involved with the scheme.

The ECO3 scheme as it exists today has been in place since the 1st of October 2018. Since commencing it has offered an opportunity for a much greater number of people to gain access to cheaper, greener energy. It is absolutely worth applying if you suspect that you might qualify for a solar panel grant.

The current ECO3 scheme has been introduced on the 1st October 2018 and opened an opportunity for free ECO grants 2021 for a wider group of people, it is certainly worth applying now if you believe you are entitled to assistance towards the cost of solar panels.

How much am I able to save with an ECO3 grant?

Solar panel grants under the ECO3 scheme are available to people who are in receipt of certain benefits. ECO3 grants enable households to gain funding to make their homes more heat and energy-efficient, providing access to such things as free boiler grants and funding for insulation. This is part of the energy companies’ obligations to certain groups of people.

The cost of solar panels will vary from company to company, but solar panels for your home will typically cost around £6,000, so solar panel grants are a fantastic thing to be awarded.

Electricity makes up perhaps the largest part of any domestic energy bill, so the more of it that can be provided by solar energy, the more energy-efficient your home will be. Depending on the age of your property, you could save 70% on your energy bills or more!

It is possible that you may also be entitled to other grants to improve the energy efficiency of your home, with cavity wall insulation and loft insulation able to further improve your property’s ability to retain heat. When combined with solar power, all of these improvements can make your home almost self-sufficient when it comes to energy.

Who is eligible for ECO3 Funding?

The criteria for the government’s ECO3 scheme are quite strict, so access to government-funded solar panels is quite limited. To qualify, you need to be a homeowner, living in the home you own. Please look through the New Solar Grant website to see if you meet the criteria and then make your application.

All you need to do is fill out our questionnaire as fully and accurately as you can. You will at some point also have to provide evidence of any benefits you’re receiving.

If you’re not eligible for the ECO3 scheme, but you’re still concerned about the installation costs of solar energy panels, don’t worry, as there are other avenues to explore. New Solar Grant also offers attractive fixed-rate finance options to help you pay for your solar panels, meaning you could be repaying from savings made on your electricity bills.

Do You receive one of these State Benefits:

The criteria for the government’s ECO3 scheme are quite strict, so access to government-funded solar panels is quite limited. To qualify, you need to be a homeowner, living in the home you own. Please look through the New Solar Grant website to see if you meet the criteria and then make your application.

All you need to do is fill out our questionnaire as fully and accurately as you can. You will at some point also have to provide evidence of any benefits you’re receiving.

If you’re not eligible for the ECO3 scheme, but you’re still concerned about the installation costs of solar energy panels, don’t worry, as there are other avenues to explore. New Solar Grant also offers attractive fixed-rate finance options to help you pay for your solar panels, meaning you could be repaying from savings made on your electricity bills.

Do You receive one of these State Benefits:

The amount of your grant is based on the type of property you live in, how many bedrooms it has and several other factors. Not every applicant will get free storage heaters.

– Guaranteed Pension Credit
– Child Tax Credit
– Working Tax Credit
– Universal Credit
– Income-based Job Seeker’s Allowance
– Income-related Employment & Support Allowance
– Income Support
– Disability Living Allowance (DLA)
– Personal Independence Payment (PIP)
– Attendance Allowance
– Carer’s Allowance
– Severe Disablement Allowance
– Industrial Injuries Disablement Allowance
– Child Benefit
War Pensions Mobility Supplement (MOD)
Constant Attendance Allowance (MOD)
Armed Forces Independence Payment (MOD)

How Much Can You Save with Solar Panels

Solar energy can save you money in two areas. First, it decreases the amount of energy you have to buy from the grid, thus lowering your energy bill. Second, you can earn money back through payments from the SEG.

Solar panel savings aren’t dependent on tariffs, though. In London, you could save you between £100 and £270 a year from lowering your energy bill. In areas like Manchester and Stirling, you could similarly save between £90 and £230.

Average Annual Savings by System Size
System Size Annual Savings on Utility Bills
3 kW system £160
4 kW system £270
5 kW system £320
6 kW system £430

*These figures are calculated using 250W panels and the average household energy consumption in the UK.

How much money you can save depends on how and when you use the solar-powered electricity. If you are home during the day and use your appliances then, you will get the most out of your investment, but if you only use appliances once the sun has gone down then you will need to draw from the national grid.

Im a Pensioner Do I Qualify?

Im a Pensioner Do I Qualify?

For Pensioners heating your home all year round is very important, especially through the long winter months, can be very costly, even more so if your boiler is 7+ years old and inefficient. For many pensioners, this is a real worry, especially if your boiler breaks down frequently or needs replacing completely.

If you or anyone else in your household receives Pension Credits, or any other benefits from the UK government, then it’s highly likely that you’ll be eligible for our boiler replacement grant scheme. Alongside Pension Credits.

Solar Panel Funding

Previously, the government would reward you through the Feed-In Tariff (FIT) programme. With the FIT, power companies would pay you both a generation tariff and an export tariff, with government-fixed rates. You would earn 4p per kWh for what you generate and 5.38p per kWh for the excess energy you give back to the grid.

Finally, UK companies have offered a free solar panel scheme in the past where they would install PV panels on your roof free of charge, enabling you to get free solar power. In return, these companies would collect the FIT payments to make a profit.

The FIT came to an end in 2019, however, and no new applications are being accepted, meaning this free solar panel scheme is no longer run by businesses.

Under the Smart Export Guarantee — the new solar PV incentive scheme — how much you will save is much more varied. Unlike the FIT, the SEG doesn’t regulate rates, letting energy companies decide for themselves how much they will be. These companies also only have to offer tariffs for exported energy, not generation.

How Long Does It Take for Solar Panels to Be Paid Back?

With all of these things in mind, how long is the average solar panel payback time in the UK? Since there are so many variables involved, this answer will vary among different circumstances — most importantly, whether you make use of the SEG payments or not.

Without the SEG, your solar panel savings will come from your decreased reliance on the grid. As mentioned earlier, these savings will be between £100 and £270 for an average London house. With an average system cost of around £6,000, it would take you 22 to 60 years to break even.

With SEG payments, solar panel payback times are significantly shorter. A similarly-sized system with the same cost of £6,000 could earn around £100 in annual SEG payments. With both these payments and average energy savings, it would take you between 16 and 22 years to break even.

How Many Solar Panels Do I Need to Power My House?

When asking yourself how many solar panels you need for your home, there are again a number of variables to take into account. The most significant contributing factor here is how much energy you use. While there’s no single answer, a good rule of thumb is that it takes roughly four solar panels per kilowatts needed.

Most solar panels produce around 250W every four hours of full sunlight. So how does this all play out reality?

A 3kW PV system will be sufficient for roughly three residents, according to average energy consumption. Using this formula, a system of this size would use about 12 panels on average.

A more common size for homes in the UK is 4kW, which can provide for three to four residents. If you use the same formula, a 4kW system would need an average of 16 solar panels.

You can always use a solar PV system to power some of your home instead of all of it. That would certainly lower the number of solar panels you need, but may not be as profitable in the long run.

Are Solar Panels With Battery Storage Worth It?

One of the downsides to solar panels is that you usually have to use energy immediately. In most cases, if you’re not actively using it, the power your PV system generates is lost. You can remedy that situation with solar batteries.

Solar battery storage works just like any other battery: you store any electricity you don’t use so that you can go back and use it later.

You don’t need to know the ins and outs of solar batteries to use them, but their complexity does affect you. A solar battery system can cost you roughly £4,000, which may almost double the cost of your solar panels. If you’re comfortable spending that much, though, it will help you save more money.

Solar batteries will enable you to use PV power at night, further lowering your energy bill. Similarly, they make it easier to sell any energy you don’t use back to the grid. Keep in mind, though, that the added initial cost will mean it will take longer to make a return on investment.

Do Solar Panels Increase the Value of My Home?

Investing in solar energy could help you if you want to sell your home in the future. As more people are growing concerned about environmental issues, renewable energy could make your property more attractive, and potential buyers may be interested in how the panels could save them money.

Remember that your home’s resale value won’t match your investment size exactly. You can’t expect a £5,000 solar PV system to increase your house’s value by £5,000, but it will still raise it.

You also have to consider the quality of your solar panel system. If you invest in new, top-of-the-line panels, the value they add to your home could be considerable.

To determine how much solar panels will affect your home’s value, talk to a local estate agent.

Are you ready to make the switch to solar panels? Simply fill in the contact form and GreenMatch will provide you with up to four quotes from qualified suppliers in your area. Our service is completely free and incurs no further obligations.

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