New research from Halifax reveals that solar panels are delivering beyond expectations for many homeowners, with 57% reporting that they are saving more than expected on their energy bills.
According to the survey of 2,000 homeowners, rising energy bills are now their number one concern, with almost half (49%) of Brits citing this as a key challenge – and the strongest trigger for making energy improvements to their properties (39%).
Over half (56%) say they have recently adapted their home, through measures such as adding insulation, double glazing or solar panels.
Those who have installed solar panels report strong benefits, with almost all (89%) of those who have them being glad they’d installed them. A similar proportion said they would recommend them to their friends and family (83%), and over four in five (84%) said they’d seen a reduction in their energy bills.
Furthermore, over half (51%) have seen an improvement in their home’s energy efficiency through an updated EPC with an improved rating.
Savings of around £400-500 per year could be made on energy bills by transitioning to solar power, according to Energy Saving Trust estimates.
Those who install solar panels can also financially benefit from excess energy, receiving payments or giving energy back to the grid under the Smart Export Guarantee (SEG).
The research comes as Halifax launches a new £1,000 discount on solar panel installations with Effective Home, available until Monday 21st April. With the typical 3.5 kilowatt-peak PV solar panel system costing around £7,000 on average, this discount will help more homeowners transition to solar power.
To qualify for the discount, applicants must:
o Register details with Effective Home through the Halifax website by 21st April 2024
o Have a virtual solar survey by Effective Home
o Pay a £500 deposit and book a technical survey of the property within 2 weeks of receiving the quote.
o The £1,000 discount will be automatically applied to any quote from Effective Home, with no need for a Halifax mortgage or banking product to qualify.
Andrew Asaam, homes director at Halifax, says: “With concern around the cost of energy bills and the climate crisis intensifying, more of us are looking for ways to bring down our energy usage. Transitioning to solar power can be a fantastic option to help reduce bills over the long-term, especially when combined with a home battery or other energy efficient measures such as the right loft insulation and energy saving light bulbs.
“We want to encourage more homeowners across the UK to make the switch to solar energy but understand it can be a significant investment. That is why we are introducing a £1,000 discount, available to customers who apply before 21st April.”
