How Much Does a Solar Panel Cost?

In the UK, over 1.5 million people have some kind of solar panel arrangement in their homes, a statistic that is expected to continue increasing as time goes on. This leads many people to consider adding them to their own homes. However, many people may be deterred by the cost...

So, how much does a solar panel cost? In this blog post, we are going to be breaking down every potential cost that you may come across while owning solar panels as well as some of the greatest reasons to own them.

Breaking Down the Costs of Solar Panels

Overall, the typical 4kW, 10-panel arrangement will cost around £4,000 - £12,000. This size is suitable for mid-sized homes. While this may seem steep, there are plenty of reasons why the costs are so high.

When installing solar panels, many different things will require more money to be spent such as installation fees and maintenance. Here, we have broken down the main culprits of these additional costs:

Cost of Solar Panels

The first price you will need to pay is for the solar panels themselves, which contain several components that are very costly. The panels alone are around £2,500 - £3,500, which does not account for things like inverters and batteries.

Typically, an inverter for a solar panel will cost around £500 - £1,000 and for extra batteries, you will need to pay in the range of £3,000 - £6,000 however these are optional.

Solar panels total cost: Approximately £2,500 - £3,500 (optional extras £3,000 - £6,000)

Installation Costs

Another important fee that must not be forgotten is the cost of installation by your chosen provider. If you choose Liverpool Heating, we will be able to install a 4kW system for around £1,000 - £1,500.

If you need a different size panel arrangement, you can look on our website or alternatively you can get in touch with our team and we will be happy to answer any questions you have.

Installation total cost: Approximately £1,000 - £1500

Maintenance Costs

Luckily, costs for maintenance are around £100 - £200 per year, as there are no moving parts.

We recommend that solar panels be maintained and cleaned annually if possible as this should keep them in pristine condition. If your solar panels get damaged, it is very possible for their efficiency to reduce significantly.

Maintenance total cost: Approximately £100 - £200 a year

Insurance Costs (Potentially)

In most cases, your solar panel insurance will be included in your home insurance policy, meaning that you won’t have to pay extra for coverage – however, there are some caveats to this.

If your home does not cover solar panel insurance, you will need to look into specialist coverage, which will cost money. You will need to check with your insurer to see if the solar panels will be included in your home insurance.

Insurance total cost: Discuss this with your insurer; it may fall under your home insurance costs

So, Why Would You Buy Solar Panels?

With this information, you would be forgiven for wondering why solar panels would ever be worth these costs. However, there are plenty of exciting benefits that come with owning a home solar panel system.

Solar Panels Help You Save Money Long Term

One of the major advantages of solar panels is that they will be able to save you thousands on your energy bills during their lifespan. When you use solar panels, you will be able to reduce your reliance on the national grid and will therefore reduce your energy bills.

By reducing the amount of money you spend on electricity every month, solar panels will pay for themselves after a few years making the investment well worth it.

Smart Export Guarantee

The Smart Export Guarantee is a support mechanism that ensures people who generate their own electricity are paid for the electricity they export to the grid.

This doesn’t happen automatically, so you need to sign up to get the SEG tariff. Under the scheme, all licensed energy companies with 150,000 or more customers must provide at least one SEG tariff.

Smaller suppliers can offer an export tariff if they want to. All suppliers can also choose to offer other means of making payments for exported electricity, separate to the SEG arrangements.

If you have battery storage as part of your renewables installation, your battery could store electricity purchased from the grid before exporting it later at a profit.

There Are Grants Available to Help

Since solar panels are such an expensive commodity, there are plenty of Government grants that will be able to help you acquire your solar panels. Schemes such as ECO4 and the Home Upgrade Grant all help with the costs of home upgrades like solar panels.

One important thing to note is that there are specific eligibility criteria that you must fall under in order to qualify for these grants, you can learn more about the eligibility criteria on the official Government website.

They Reduce Your Carbon Footprint

Finally, one of the most obvious reasons why you might choose to install solar panels is that they will greatly reduce your carbon footprint and are a great way to help the environment. If you are someone who holds this in high regard, solar panels are perfect for you!

Looking for Solar Panel Installation?

At Liverpool Heating, we have dedicated our services to helping people across the UK make their homes more energy-efficient and eco-friendly.

Our team is MCS and NAPIT certified for solar installations, meaning that we are highly experienced in the field. We are also proud to be members of the Renewable Energy Consumer Code (RECC) and commit ourselves to providing high-quality solar and battery installations.

You can read our website for more information, or if you would like to speak with a member of staff, please don’t hesitate to contact us at 0151 440 2000, and we’ll be happy to address any questions.