Blog
Solar panels not such a bright idea?
3rd September 2008
The RICS suggests instead that environmentally conscious people wanting to cut fuel bills should insulate lofts and cavity walls, install efficient light bulbs and seal windows.
This is a good example to use when illustrating the principle of opportunity cost, allocative efficiency and the related cost-benefit principle. The payback time for cavity wall insulation etc can be as little as three years. Here is an article on the research in today’s Telegraph.
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.