Report suggest UK home owners are unaware of savings from solar power

Some 20 million home owners in the UK have no idea how much they might expect to save off their total energy bill by installing solar panels, research suggests.

The average saving per household a year is £830.47 and home owners also add value to their property by investing in the solar panels, according to a report from The Green Home Company.

It also found that over 150,000 home owners say they are put off installing solar panels, as they think a lack of sunshine means they won’t work properly. In reality, solar panels work in all daylight weather conditions.

Some two million don’t think solar panels can save them anything, while six million people who say there are savings to be gained, only expect this to be between 6% and 10%. In reality, home owners can expect to save up to 50% off their energy bills by installing solar panels, it adds.

Currently, 5.5 million people who spend more than £100 a month on their energy bills are unaware how much they can save by installing solar technology. Industry data indicates the average household spends £1,200 per year on energy bills. This is predicted to significantly rise over the coming years as result of rising energy costs.

‘Clearly, people really aren’t fully aware of just how easy it is to save money with solar panels. With energy bills predicted to increase dramatically over the next few years, people need to ensure they are armed with the correct information about how much money they can save as in the vast majority of cases, it’s significantly more than they might think,’ said John Benner, managing director, The Green Home Company.

‘Solar panels are an effective way of combating rising utility costs and we encourage everyone to investigate their home’s potential today,’ he added.

On average, installing solar panels can add as much as £5,000 to the value of a property and in most cases the initial cost for buying a solar panel installation will pay for itself in eight years.

Despite this, 20% of home owners have ruled out investing in solar panels because they think they are too expensive. Women are three times more likely than men not to pay out for solar panels because of the perceived initial expenditure.

Further misconceptions include how 750,000 home owners are not willing to invest in solar panels because they perceive them to be ‘too much effort and not enough gain’. While 160,000 do not believe that there is enough sunshine in the UK for them to work efficiently and 112,000 believe that there is too much rain and cloud for them to work properly.

In addition to this, the report also found that 50,000 think the installation process looks too complicated and another 93,000 think the panels will reduce, not increase, the value of their properties.

‘It is clear from these findings that we need to educate home owners more about solar panels, as there are a lot of misconceptions floating around. For instance, solar panels do not need direct sunlight to work, and that they are expensive but the price of panels has dropped by 50% in the last year alone,’ explained Benner.

‘While cosmetic changes are the most popular home improvement choice, people should be looking at ways to combine home upgrades with saving money in the form of solar panel installations too,’ he added.

The Green Home Company requires home owners to have a south facing roof that is unshaded. It can install and maintain the system with minimal effort, with residents only having to wait eight years before seeing results and for the installation to pay for itself.