Solar Photovoltaic savings
To give you an idea of the estimated savings you could receive if a 3 kWp Solar PV system was installed correctly, and by using the government required Standard Assessment Procedure, we can estimate it will produce on average 2575 kWh of electricity per year. Using the Feed in Tariff (FIT) rate of 21 pence, this equates to a tax-free income of approximately £540 per year, every year*, for twenty five years.
So let’s just say if you pay an average of 12p per kWh for your electricity that would equate to a further saving of £180 per year on your current electricity cost. Don’t forget that with every electricity price rise, this figure will increase. Ofgem have also predicted a 60% rise in electricity over the next three years.
Therefore if you take into account the FIT including the export payment and the potential saving on electricity this equates to over £760 of savings annually. Just imagine over the lifetime of this system which is approximately 25 years and without taking into account the rise in electricity prices, this equates to over £22,200.
The table below details the estimated savings per year that can be achieved by installing a Smart Green Energy Solar PV system.
*increasing in line with inflation.