Why Demand Changes | Soaring Energy Costs Prompt Greater Demand for Solar Panels

As energy tariffs go through the roof, an increasing number of homeowners are looking to install solar panels.

Solar panels and their installation are not cheap. However, due to significantly higher supply, the cost of a typical installation is around £5-10k.

With energy prices rising so significantly, the payback period for homeowners has shortened, though it is still several years, not an overnight payback.

As this BBC article reports, installers of solar panels are experiencing a sharp increase in enquiries, leading to home installations.

The upfront investment is significant. The financial return on investment comes from savings on energy bills.

And perhaps a more intangible, but just as significant benefit in terms of increasing the capacity of renewable energy in the UK.

Just over 3,000 solar installations are being carried out every week, according to the trade association Solar Energy - this is up from 1,000 a week in July 2020.