It's time to start digging up those Squirrelled Nuts!!!!

elvisfan21

We've had solar panels for over three years. With the prices of energy keeping going up, we're thinking of adding a solar battery. 

We might have to upgrade our inverter to add a battery. Does anyone have experience with investing in a battery? Should we try to get one this year or should we wait until the technology improves?

MallyGirl

We are certainly thinking about solar panels. We are currently on a fixed energy rate but it is going to be huge when that runs out.

pensionpawn

I've had solar panels for 6.5 years. They generate income via the FiT (much lower now), save on electrical and gas (excess solar diverted to IH) import. My installation has saved expense / generated income to the tune of £219 (tax free) so far this month. Foreseeing the energy crises going exponential I ordered a Powerwall in February for installation in October. I was recently told that this will now not be before April. Get your order in now to reduce the impact of £1+ / kWhr charges in 2024!

elvisfan21

https://forums.moneysavingexpert.com/discussion/comment/79362834#Comment_79362834

Sea_Shell

elvisfan21 said:

https://forums.moneysavingexpert.com/discussion/comment/79362834#Comment_79362834

Probably best discussed on the Energy board.

pensionpawn

Sea_Shell said:

elvisfan21 said:

https://forums.moneysavingexpert.com/discussion/comment/79362834#Comment_79362834

Probably best discussed on the Energy board.

I agree that the technical details of solar power and battery storage is for another forum however I would suggest that the benefit that these technologies offer, a tax free 'income' and a saving on bills, is (and was for us) a significant factor in retirement planning. Our panels, without a battery, currently contribute ~ £1900 (tax free) to our household budget, and this will rise with the energy cap. This minimises our outgoings meaning that we don't need a pension greater than twice the personal allowance (saving on tax) and therefore don't need a larger pot and hence we don't need to work for longer which in turn helps our mental and physical health.

daveshep26

pensionpawn said:

Sea_Shell said:

elvisfan21 said:

https://forums.moneysavingexpert.com/discussion/comment/79362834#Comment_79362834

Probably best discussed on the Energy board.

I agree that the technical details of solar power and battery storage is for another forum however I would suggest that the benefit that these technologies offer, a tax free 'income' and a saving on bills, is (and was for us) a significant factor in retirement planning. Our panels, without a battery, currently contribute ~ £1900 (tax free) to our household budget, and this will rise with the energy cap. This minimises our outgoings meaning that we don't need a pension greater than twice the personal allowance (saving on tax) and therefore don't need a larger pot and hence we don't need to work for longer which in turn helps our mental and physical health.

Absolutely spot on - In principle, a fantastic option to pursue, but you need the capital to make it happen- which isn't available to all.
My plan says it's one of the best returns on investment possible, but currently live in listed property, so that's for the future if (when) we downsize - but I'd really endorse key benefits you highlight

MallyGirl

daveshep26 said:

pensionpawn said:

Sea_Shell said:

elvisfan21 said:

https://forums.moneysavingexpert.com/discussion/comment/79362834#Comment_79362834

Probably best discussed on the Energy board.

I agree that the technical details of solar power and battery storage is for another forum however I would suggest that the benefit that these technologies offer, a tax free 'income' and a saving on bills, is (and was for us) a significant factor in retirement planning. Our panels, without a battery, currently contribute ~ £1900 (tax free) to our household budget, and this will rise with the energy cap. This minimises our outgoings meaning that we don't need a pension greater than twice the personal allowance (saving on tax) and therefore don't need a larger pot and hence we don't need to work for longer which in turn helps our mental and physical health.

Absolutely spot on - In principle, a fantastic option to pursue, but you need the capital to make it happen- which isn't available to all.
My plan says it's one of the best returns on investment possible, but currently live in listed property, so that's for the future if (when) we downsize - but I'd really endorse key benefits you highlight

We are in a conservation area so I have sent a query to the planning office - panels would be on the rear facing side of the roof but still... Our fuel bills were £3,500 pa before the crazy rate rises so this has the potential to make a big dent in that.

Sea_Shell

Starting to pull together the end of month figures, and on the face of it, it appears that our investments have halted their slide into oblivion!!!   At least for now. 

My pension DC pots are up 3% on last month, and our ISAs are up 7.5%   (just waiting for DH to log on and get his DC pension valuations)

It this a temporary respite....probably.    

Sea_Shell

Oh, and I've now been 3 years retired!!!

🎉🍾🎉🍾